According to the latest forecast by, the U.S. auto market is still limited by a lack of new cars and trucks. But, sales are expected increase approximately 9% for September, compared to September 2021. S&P Global Mobility.
September is the forecast auto sales About 1.1 million September inventory, compared to around 1.o million September 2021. S&P Global Mobility said new-vehicle inventory is still low by historical standards, but inventory of about 1.2 million in September was the highest since July 2021.
Year to date, S&P Global Mobility expects U.S. auto sales of about 10.1 million through September, down around 1.6 million units, a drop of almost 14%, vs. the first three quarters of 2021.
For all of 2022, S&P Global Mobility predicts U.S. auto sales of 14 million, down about 6% vs. 2021.
U.S. car sales were on a positive note last year. But, in the second quarter, there was a shortage of computer chips, other supply-chain issues, and high consumer demand. The U.S. automotive industry has not been able to produce enough vehicles and trucks to meet the demand since last spring.
High prices They are the predictable result. According to Kelly Blue BookIn August 2022, the average transaction price for a new vehicle increased to $48,301. This was a record 4712, almost 11% increase, compared to the previous year.
The August average price for new vehicles from nonluxury brands was record $44,559. Nonluxury buyers pay an average $1,102. above sticker price. The average luxury-brand buyer paid $65,935.
The S&P Global Mobility forecast says, “Consumers’ willingness to pay for available vehicles at these prices is evidence that pent-up demand remains in the market.”
Joe Langley, associate director, U.S. production analysis for S&P Global Mobility, says new-vehicle inventory is expected to remain below average, “well into 2023.”
Last week AutoForecast Solutions estimated that since January 2021, the chip shortage has cost North American auto assembly plants almost 2.9 million cars and trucks that couldn’t be produced, and potentially as many as 4.5 million if lost production can’t be made up.