is now leading Toyota in sales, many expect demand for new vehicles to cool in the coming months due to rising interest rates that have increased prices. This will come despite a recent trend of consumers willing to spend more money on new vehicles due in part to supply chain issues and a preference for personal transport,“We’re cautiously optimistic about moving forward,” Hyundai Motor North America chief executive Randy Parker said when asked about industry sales.
Wards Intelligence data expects 13.49 million new vehicles to have been sold in the U.S. this year, noting that 1.11 million were sold in September. “Discounts may begin to materialize as economic conditions, rising interest rates and steady vehicle availability affect the imbalance of supply and demand over the coming quarters,” added TrueCar analyst Zack Krelle.