Posted 1/17/2024, 8:35:29 PM
Auto Sales Hit 4-Year High in 2023, More Growth Expected in 2024 Alongside Falling Prices
- Auto sales reached a 4-year high in 2023 and could continue rising in 2024 as the market normalizes post-pandemic
- High inventories could lead to downward price pressure and more incentives for buyers in 2024
- Luxury auto prices dropped sharply in late 2022 amid high inventories, foreshadowing broader declines
- If auto prices fall as expected, automakers and dealers could see profit squeezes in 2024
- Fed interest rate cuts could provide a boost to buyer sentiment and auto sales in the second half of 2024