Revealed – how a lot are shoppers forking out on new automobiles?

Consumers spent round $578 billion on new autos in 2023, a forecast launched by J.D. Power and GlobalData discovered.

“December results cap off the year with a strong performance, illustrated by double-digit year-over-year sales growth and the second-highest consumer expenditure on new vehicles ever recorded for the month,” stated Thomas King, president of the info and analytics division at J.D. Power.

“Total sales of just under 15.5 million for 2023 represent a significant increase of 12.8% from 2022, when just 13.7 million vehicles were sold,” added King.

He famous that customers spent a document of $578 billion on new autos in 2023, marking the third consecutive 12 months US shoppers spent greater than half a trillion {dollars}.

“As inventory improves, the average new-vehicle retail transaction price is declining,” stated King.

“However, even with the decline in average transaction prices, consumers are on track to spend nearly $50.4 billion on new vehicles this month—the second highest on record for the month of December and 5.1% higher than December 2022,” he added.

Vehicle gross sales forecasts for December 2023

According to the report, complete gross sales for brand spanking new autos is projected to succeed in 1,396,700 items in December, which is a 13.2% improve year-over-year. This quantity consists of each retail and non-retail transactions. While December 2023 has one much less promoting day from the earlier 12 months, there’s a 9% year-over-year improve if the identical gross sales quantity was in contrast with out adjusting the variety of promoting days.

The seasonally adjusted annualized charge (SAAR) for complete new-vehicle gross sales is anticipated to succeed in 15.4 million items, which is a 1.9 million unit improve year-over-year.

In This fall 2023, complete gross sales for new-vehicles are projected to mark a 9.8% improve year-over-year, amounting to three,826,000 items when adjusted for promoting days. When adjusted for promoting days, new-vehicle complete gross sales for 2023 are projected to succeed in 15,466,000 items which is a 13.2% improve year-over-year.