SANTA MONICA, Calif. — Edmunds forecasts that 1,322,340 new cars and trucks will be sold in the U.S. in October for an estimated seasonally adjusted annual rate (SAAR) of 17.1 million. This reflects a 6.7 percent decrease in sales from September 2018 and a 2.1 percent decrease from October 2017.
“The fourth quarter is off to a slow, but not alarming, start for the auto market,” said Jeremy Acevedo, Edmunds manager of industry analysis. “Last October, auto sales were somewhat spurred by replacement demand following Hurricane Harvey, which makes for a more complex year-over-year comparison. Rising interest rates and higher vehicle prices are also thinning the crowds of shoppers at dealerships, and that’s a trend we see stretching into the new year.”
Despite the headwinds the industry is facing, Edmunds experts note that auto sales remain at historically healthy levels.
“The auto market has been so strong over the last several years it’s easy to forget that a SAAR over 17 million is nothing to sneeze at,” Acevedo said. “But since sales are slowing, automakers and dealers will need to rally through November and December to move excess inventory off their lots. Car shoppers will likely see a slew of decent deals come this holiday sales season.”
More insight into recent auto industry trends can be found in the Edmunds Industry Center at http://www.edmunds.com/industry-center/.
SOURCE: Edmunds press release