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Sales of new cars are predicted to rise marginally in the United States in 2024, as the automobile sector continues to normalise following the coronavirus pandemic and other supply chain issues since 2020.
Leading car data companies predict that sales of automobiles will rise by 1% to 4% on an annual basis, to between 15.6 million and 16.1 million units. These sales would be the biggest since domestic sales of new vehicles and trucks exceeded 17 million in 2019, reported CNBC.
Since then, the global Covid health crisis has caused production and supply chain issues for the car sector, which has resulted in less than 14 million vehicle sales in 2022—the lowest level in more than a decade.
A minor uptick in US sales might benefit both the economy and consumers. It would indicate that more cars are being made, which would allay recent worries about affordability in the face of record-high new car costs, high-interest rates, and inflation.
“While the year ahead holds the promise of further increased inventory and enticing deals that consumers have eagerly awaited, 2023′s high interest rates are expected to linger, provoking conflicting market dynamics.” said Jessica Caldwell, Edmunds’ head of insights.
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