Vehicle sales dropped again in June, the second month in a row of declining vehicle sales, as rising prices and shortages keep would-be buyers away.
Imported vehicle sales fell 13.1% from the previous month while domestic vehicle sales also declined, down 8.7% overall as auto sales shrank 11.2% and truck sales fell 8%. The declines dragged car sales to below their pre-pandemic level.
“Vehicle sales have contracted for two consecutive months as extremely high prices, particularly for used cars, is cutting off demand,” Oxford Economics’ Mahir Rasheed said in a research note.
Consumers are feeling the pinch. The portion of households who said June was a good time buy a vehicle was at its lowest level in nearly 40 years, according to the University of Michigan. Oxford Economics expects the drag on car sales to last through the year.
“While robust domestic demand and an improving health backdrop will