Car sales for the first half of 2019 are expected to hit their lowest level since 2013, when the auto industry was just emerging from the Great Recession, according to a new report.
Automakers are likely to be in for a disappointment on Tuesday as the latest monthly sales numbers are released. Industry watchers expect a 3 percent year-over-year decline for June — and a similarly weak performance for the first half of the year.
“The growth in prices has been nothing short of remarkable,” said Thomas King, Power’s director of data and analytics. “Average transaction prices set a record during the first half, which has big implications for manufacturer revenues.” One big warning sign is the fact that the typical light duty vehicle is now nearly 12 years ago, a record, according to consulting firm IHS Markit. That’s up by about 4 percent over the past five years, showing that motorists are keeping vehicles longer, rather than scrapping them or trading them in.
The irony is that all that new technology, as well as the higher level of standard equipment in today’s vehicles, has played a key factor driving up new car prices to record levels, driving many potential new vehicle buyers out of the market.
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