Sales of new cars are falling, as higher prices push consumers towards used cars, a segment that is seeing a corresponding spike in sales — and it's a worrying trend, say industry watchers.
2019 Pilot sports-utility vehicles sit at a Honda dealership in Highlands Ranch, Colorado, on Nov. 28, 2018.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.Sales of new cars are falling, as higher prices push consumers towards used cars, a segment that is seeing a corresponding spike in sales — and it's a worrying trend, say industry watchers.
But the first two months of 2019 have seen sales slump once more. The heavy weather that hit much of the country took some of the blame, but things aren’t looking much better as March draws to a close. J.D. Power and LMC anticipate new vehicle demand will be down 2.1 percent for the month. But with many loans now running to 72 months, a number of analysts warn there’s no more room to stretch loans out. And the situation is being compounded by a series of rate hikes implemented by the Federal Reserve over the last two years.
The exact number of used vehicles sold each year is a matter of speculation, as millions are transferred among family members and friends. Tracking dealer sales reveals several trends that threaten the new car market.
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