New-vehicle inventory levels are still 63% lower than a year ago while the average transaction price hit another record.
The lack of new-vehicle inventory is steering many dealers and consumers into the used-vehicle market, resulting in higher prices for both wholesale and retail used vehicles.
Tight new-vehicle supply puts upward pressure on new-vehicle transaction prices. Affordability hits 10-year low in July.
As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
The Bolt EV saw a 335% sales increase in July to its highest volume ever in a second quarter at 10,857 units.
For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
Key reasons: Prices paid moved higher, incentives declined, and estimated median incomes fell.
Market watchers had been expecting this slowdown to come earlier in the summer, but deals could still be made. Now there just isn’t enough product available.
Now available at dealers nationwide, the 2021-MY Nissan NV Cargo Van features a starting MSRP of $30,540.
The 2021 Nissan Titan is on sale now at Nissan dealers nationwide with a starting MSRP of $36,550 for the Titan King Cab 4x2 S model.
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