U.S. auto sales are falling as vehicle prices climb, indicating that buyers at the lower end are getting squeezed out of the new car market, according to a new industry forecast.
Retail sales, which exclude sales to rental car companies and other commercial businesses, are expected to drop by about 5 percent to 2.9 million units. It's the first time first-quarter retail sales are projected to fall short of 3 million units in six years, said Thomas King, senior vice president of J.D. Power's data and analytics division.
While sales volumes are softening, especially for cheaper cars, customers are still paying remarkably high prices for cars, King added. Prices are hitting monthly records while retail sales of vehicles that cost under $25,000 are expected to fall 12 percent in the quarter, more than double the overall decline.
1/2 of median family income in '18; income inequality taking it's toll, despite Trump's bs about economy - Average price of a new vehicle is ~$33,319 in 1Q18, the highest ever. Average buyer pays $1,000 more per purchase vs 1Q17 US sales falling in turn
Stagflation is coming.
Industrial era of slavery, you buy can't pay it, then you are slave to that item until it's fully paid off. This is American culture and system. CNN CBC CTV CCTV BBC
Wait I thought the US was recession proof?
REMEMBER THIS: Recession is coming! Worse than 2008!! BEWARE!