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Available inventory is still down 62% behind the same period in 2020. The days' supply as of December remained 48% below Dec. 2020.
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With record-high prices, low incentives, and a higher interest rate, the estimated typical monthly payment increased to a new record high at $687, which was up 20.7% year over year.
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A larger mix of SUVs and pickups helped drive up prices in November, but November was also the sixth straight month of sales volume declines.
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It is the highest level of interest in electrified vehicles that the Kelley Blue Book Brand Watch report has ever measured. Electrified vehicles sales soar 60%.
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But volume for rental, commercial, and government vehicle purchases is still well below levels seen in the pre-pandemic year of 2019.
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Double whammy: New-vehicle inventory falls below 1 million units in September while the average new vehicle price tops $45,000 for the first time.
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All major market segments saw seasonally adjusted wholesale price increases in September, while sales into fleets were down 21% year over year in September.
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Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
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New entries including the Chevrolet Bolt EUV, the Ford Mustang Mach-E, and Volkswagen’s ID.4 helped drive down average EV prices.
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But sales are declining as car shoppers face limited inventory, high prices and historically low incentives.
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