SANTA MONICA, Calif.– Total new vehicle sales will reach 1,243,630 units in November 2020, down 0.5% from a year ago when adjusted for the same number of selling days.
This month’s seasonally adjusted annualized rate (SAAR) for total light vehicle sales is an estimated 16.4 million units, according to TrueCar and ALG.
Excluding fleet sales, TrueCar and ALG are projecting U.S. retail deliveries of new cars and light trucks to be 1,099,808 units, an increase of 2.9% from a year ago when adjusted for the same number of selling days.
Average transaction prices (ATP) are projected to be up 4.7% or $1,707 from a year ago and up 2.3% or $838 from October 2020. TrueCar projects that U.S. revenue from new vehicle sales will reach more than $47 billion for November 2020, down 7.9% (based on a non-adjusted daily selling rate) from a year ago and down 6.6% from last month.
Additional insights from ALG and TrueCar:
- Average transaction prices (ATP) are projected to be up 4.7% or $1,707 from a year ago and up 2.3% or $838 from October 2020.
- Total SAAR is expected to decrease 4% from a year ago from 17 million units to 16.3 million units.
- Used vehicle sales for November 2020 are expected to reach 3 million, down 1% from a year ago and down 11% from October 2020.
- The average interest rates on new vehicles are 5.7% and the average interest rates on used vehicles are 8.1%.
“New vehicle average transaction prices are making a significant jump for November, with prices increasing more than $1,700 from a year ago,” said Nick Woolard, director of OEM Analytics at TrueCar. “While it’s somewhat surprising to see this trend during a period of economic uncertainty, this is being driven by consumers who continue to gravitate toward utilities and pickup trucks at higher price points.”