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Friday, 28 June 2019 15:24

Uncertain Times for U.S. Auto Industry

Written by Dave Leggett, just-auto

Index

Thanks to higher interest rates, the average new vehicle lease in 2019 costs $1,965 more than it did in 2016 and the average monthly payment is $536, which is $46 more than in 2016.

 

A glut of off-lease used vehicles will continue to put pressure on new car sales as a more affordable option for car shoppers. In 2010, a 3-year-old used car cost on average $8,996 less than a new car; in 2019, a 3-year-old used car is on average $13,535 less.

 

Green car sales are on pace to hit a new record, but automakers still struggle to get EVs to appeal to a wide audience. Edmunds anticipates 700,000 EVs and hybrids will be sold in 2019 and while that will be a new record, the narrow appeal of EVs to affluent males in coastal states limits further growth potential. So far this year, Tesla accounts for 82% of EVs sold and 28.9% of all Tesla’s sold this year were to men in California.

 

We thank just-auto for reprint permission.

 

 


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