TrueCar Releases Analysis of May Industry Sales
Wednesday, May 31st, 2023
TrueCar, Inc. the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, expects total new vehicle industry sales to reach 1,388,602 units in May 2023, up nearly 20% from a year ago and up 6.5% from April 2023, when adjusted for the same number of selling days. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 1,145,561 units, up almost 16% from a year ago and up 7% from April 2023.
"Sales are expected to be strong this month as we head into the summer, with growing incentives and inventory options drawing consumers back into the market," said Zack Krelle, Industry Analyst at TrueCar.
"The average transaction price for trucks is up the most this year as incentives for SUVs and cars climb faster. Incentives for SUVs are growing the most quickly which is greatly contributing to the high sales pace," said Justin Colon, Vice President of OEM Solutions at TrueCar.
Additional May Industry Insights (from TrueCar):
Total sales for May 2023 are expected to be up nearly 20% from a year ago and up 6.5% from April 2023 when adjusted for the same number of selling days.
Fleet sales for May 2023 are expected to be up almost 40% from a year ago and up 4% from April 2023 when adjusted for the same number of selling days.
Average transaction price for new vehicles is projected to be up 2.7% from a year ago and about even with April 2023.
Used vehicle sales for May 2023 are expected to reach about 3.1 million, down 4% from a year ago and up 1% from April 2023.
The average interest rate on new vehicles is 7.1%, slightly higher than April 2023 and the average interest rate on used vehicles is 10.75%, about even with April 2023.
The average loan term on a new vehicle for May 2023 is about 69 months and the average loan term on a used vehicle is about 70 months.