(Reuters) – U.S. retail sales of new vehicles are expected to rise in December as high auto prices and rising borrowing costs prompt consumers to cut spending, a report from industry consultancy JD Power-LMC Automotive showed on Wednesday. will fall.
Thomas King, president of JD Power’s data and analytics division, said: “High pricing combined with repeated rate hikes continues to drive up monthly loan payments.”
According to the report, new car loans in December The average monthly payment for is $85, an increase of $47 from a year ago.
this Monthly new car retail sales are expected to exceed 1. million units, a year-on-year decrease of 2.8%.
Total new vehicle sales in December, including retail and non-retail transactions, likely exceeded 1.04 million units, a year-over-year increase, according to the report An increase of 5.3%.
Consultants expect US retail sales to increase next year as inventory levels improve.
“Even with the possibility of a recession, pent-up consumer demand over the past two years will keep inventory levels relatively low,” Kim said.
Global auto sales this year are expected to reach 47.7 million units, a contraction of 1% compared to .
They expect global sales to grow 6% to 47.7 million units
Jeff Schuster, LMC President, Global Forecasting, said: “We expect 2023 to face high levels of risk and uncertainty as multiple markets may be dealing with a recession Say.