Near record gasoline prices also are making fuel efficiency an issue for motorists thinking about purchasing a new vehicle, according to analysts from Cox Automotive.
This comes as constricted inventories still have overall sales down by double-digit percentages every month in 2022. Cox’s June sales forecast shows the seasonally adjusted annual rate (SAAR) of new-vehicle sales this month is expected to hit 13.8 million, up from last month’s 12.7 million pace but well below last year’s 15.5 million level.
Tesla is the only major brand to increase sales year over year in the first half. Honda, Nissan and VW all see first-half sales drops in excess of 30% year over year. The rise of the EV maker is a trend that is expected to continue for some time.
First-half sales are forecast to be down