US Auto Market Shrinks as Million Buyers Drop Out
A Wall Street Journal report says roughly one million would-be new-car buyers have vanished from the market since the decade began as prices, higher interest rates, insurance costs, and fuel pressures push the average new-vehicle price to about $50,000. U.S. sales are now slated around 16 million this year, far below pre-pandemic levels, with affordable models fading and pricier trucks/SUVs dominating. Automakers are profitable selling fewer vehicles, signaling a shift to a smaller, wealthier customer base that could endure a recession but offers little sign of a return to bargain-priced volumes or a full recovery of pre-pandemic demand.
