After 7 years of car sales growth new auto sales have declined 4.7 percent, following a 1.6 percent decline in March. Car manufacturers spent average of $3,814 per car sold in the first part of April but despite that the drop occurred.
For total industry sales to reach a peak and start declining isn’t a surprise to anyone, and it could be great for car buyers moving forward. Even carmakers don’t seem to be terribly concerned with the decline in the number of total vehicles sold, as they’re making more on each car they sell right now because their product mix is more heavily weighted to highly profitable SUVs and pickups. The last huge drop in car sales occurred at the brink of the last recession, but this one isn’t expected to be as precipitous as the previous decline, as the overall economy is healthy, with low inflation, interest rates, and unemployment.