More Cars Sold in the US this November, Prices Drop a Bit

Report Shows 10.2% Increase in New Vehicle Sales, Despite Some Challenges

Nov 22, 2023 - 09:24
Nov 22, 2023 - 09:24
 0  111
More Cars Sold in the US this November, Prices Drop a Bit
More Cars Sold in the US this November, Prices Drop a Bit

In a recent report, experts at J.D. Power and GlobalData predict that more new cars will be sold in the United States in November. The forecast shows a 10.2% increase compared to last year, estimating around 1,236,000 new cars sold.

Thomas King, who works with data and analytics at J.D. Power, believes this growth is happening because it's becoming easier to find cars, even though there was a work stoppage for almost six weeks. According to the report, the number of cars available for sale in November is expected to go up by 7.5% from last month and a significant 43.7% from last year.

However, because there are more cars available, the prices for new cars have dropped a little. On average, a new car now costs $45,332, which is 1.9% less than last year.

Even though dealers are making less profit for each car they sell due to more cars being available and higher interest rates, they are still making more money than before the pandemic, says Thomas King.

The report also reveals that J.D. Power and GlobalData now predict the total number of cars sold around the world this year will be 10% more than last year, reaching 89.3 million units. Looking ahead to 2024, they expect 92.3 million units to be sold, which is 3% more than 2023.

Jeff Schuster from GlobalData thinks that the world might not see as many people wanting to buy cars because of the pandemic unless the prices of cars go down a lot. This report shows that even with some challenges, more people are buying cars, and the car industry is doing pretty well.

Also Read: New EV Tax Credit 2023: List of Electric Vehicle Models Eligible for Up to $7,500 in New Tax Credits

iShook Opinion Curated by iShook Opinion and guided by Founder and CEO Beni E Rachmanov. Dive into valuable financial insights at ishookfinance.com for expert articles and latest news on finance.