The state of April new vehicle sales in the United States has accelerated as available inventory and higher incentives keep the market going, although it remains below Cox Automotive’s forecast — even with strong sales performance by Toyota and Lexus.
“Importantly, while the new vehicle market in the U.S. remains on track for a second straight year of gains, the market remains a long, long way from what might be considered pre-pandemic normal,” said the company in a press release.
Ford and Hyundai Motor Group finished the month right around where the company anticipated they would, with sales slightly lower than year-ago levels. There were also fewer selling days in April, which means volume was lower — at 1.31 million units. That translates to a decrease of 3.3% year-over-year, while also down 9.1% compared to March.
“With the impact of tax refund season effectively over, the vehicle market is seeing declining sales momentum. The next few weeks and months could be challenging if consumers en masse believe that they are better off waiting,” said Jonathan Smoke, Chief Economist at Cox Automotive, in a statement.
Earlier this year Smoke described “slow growth ahead” for the market, which Cox Automotive said is on the horizon heading into May: slow growth and unremarkable sales. And although 2024 new vehicle sales are expected to beat out 2023 figures, “no one is expecting any home runs.”
