U.S. auto sales as a whole fall a bit in 3Q, even with September gains
Edmunds.com says it expects sales to have fallen just under 1% in the period from July through September when the numbers from automakers are totaled up on Monday. Multiple companies reported sales declines for the quarter, withHowever, many said sales rose in September as shortages of computer chips and other parts started to ease and auto factories were able to produce more, increasing vehicle supplies. But any monthly gain may be short lived due to high prices and rising interest rates.
“With increasing interest rates, affordability is being tested,” Zack Krelle, an industry analyst at TrueCar. “We're seeing consumers faced with the reality that to afford the same vehicle at the same monthly payment as last year, they are forced to increase their down payment, which is creating affordability challenges.”
Last month, new auto prices averaged $45,622, the fourth-highest monthly price on record, according to J.D. Power. In addition, interest rates hit 5.7% between July and September, up from 4.3% a year ago, with terms stretched to average over 70 months, Edmunds said.General Motors managed to lead the industry for the quarter, selling more than 555,000 vehicles, a 24% increase over last year. The company said it saw improved semiconductor supplies, more stable production and increased inventory on
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