U.S. Car Market Shrinks as 1 Million Buyers Vanish
U.S. new-car sales have fallen for eight straight months, with about 1 million buyers exiting the market since 2020, pushing forecasts toward a 16 million annual pace instead of the pre-Covid 17 million. New-car prices hover around $50,000 while the average vehicle age climbs to roughly 13 years as buyers opt to extend ownership. High interest rates, inflation, rising gas prices, and tariffs keep monthly payments elevated. Hybrids have risen by more than 9% to over 14% of sales, while EVs drop more than a third year-to-date to about 5% market share, signaling a shift toward affordable, reliable hybrids rather than premium EVs.
