The report reveals new vehicle sales fell 7% quarter over quarter, while used vehicle sales grew 8% and demand jumped 14%.
Average new car listing prices rose to $45,926, with 26% of new sales requiring a 5% markdown. Used vehicles turned inventory nearly twice as fast, with prices averaging $29,374 and aged inventory decreasing.
Tariffs added $30 billion in industry costs, pushing buyers toward used vehicles. EV market share declined to 6.3% as tax credits expired, while hybrids captured 25% of new sales amid surging inventory.
New car sales are plummeting. Have automakers and tariffs simply priced the American buyer out of the market?
Why are half of new cars languishing on lots while the used car market is booming?
With new car prices soaring, is the American dream of owning a new car now out of reach for most?
A flood of off-lease vehicles is coming. Is a used EV now the smartest car purchase you can make?
As EV tax credits disappear, are hybrids becoming the undisputed king of the eco-friendly car market?
Used cars are now a dealership's profit engine. How can they win the high-stakes battle for quality trade-ins?