Analysis: The Fed wants to see less credit flowing as part of their plan to induce pain, and it's working. Are they taking enough time to see the effects of their moves before doubling down?
But don't get too excited. Days supply is still far below historical levels and production has yet to catch up to demand.
The average price paid for a new vehicle in America now tops $48,000. Supply of popular segments – like subcompacts, hybrids and EVs – remain low.
Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices.
Consumer EV data indicates which models are most in demand and likely to command higher values. Ford revs up with four models in the Top 10 of most-shopped electrified vehicles, including the F-150 Lightning, F-150 Hybrid, and Maverick Hybrid.
Combined sales into large rental, commercial, and government buyers were down 36% year over year in January.
Sales of pure battery-electric vehicles jumped 72% to a record 147,799, the best quarter ever for EVs.
With record-high prices, low incentives, and a higher interest rate, the estimated typical monthly payment increased to a new record high at $687, which was up 20.7% year over year.
But volume for rental, commercial, and government vehicle purchases is still well below levels seen in the pre-pandemic year of 2019.
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