ARLINGTON, Va.—Total vehicle sales declined in February, falling from 16.4 million annualized units in January to 15.3 million units, although monthly sales levels rose 11.8% year-over-year.
“In conjunction with rising vehicle prices, these datapoints suggest affordability remains the greatest challenge for retailers heading into the spring selling season, as rising interest rates, elevated commodity prices, as well as soaring labor costs permeate final price tags and hamper demand,” said NAFCU Economist Noah Yosif.
Car sales fell to three-million annualized units in January, light trucks sales decreased to 11.9 million units from 12.7 million annualized units in January. Domestic production continued to decline 3% in January; inventory rose to 0.58 months of sales.
“The persistence of these affordability issues within the new vehicle market could precipitate increased migration towards the used vehicle market, creating newfound stress on recovering inventories while bolstering prices as well,” concluded Yosif.
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