As 1 Million New Car Buyers Vanish From U.S. Economy, a New Car Increasingly Becomes a Distant Dream
The trend of new car ownership in the U.S. is declining, with projections indicating that sales will not return to pre-pandemic levels until at least 2030. Despite population growth, over a million potential new car buyers have disappeared from the market. Economic factors, including rising inflation and shifting consumer sentiment, are contributing to this trend.
- ▪Annual new car sales in the U.S. were 17 million in 2020 but are projected to max out at 16 million this year.
- ▪The number of new car buyers has shrunk by more than a million since 2020, despite population growth.
- ▪The average price of a new car is around $50,000, making ownership increasingly distant for many consumers.
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There’s not just a downtick in new car ownership lately. Trends suggest that buying a new car is increasingly a baller move, rather than something normal Americans can do. Projections from Ford, GM, Toyota, as well as other automakers all agree on one thing: Americans aren’t about to start buying more new cars anytime soon, according to a report in the Wall Street Journal.cnx.cmd.push(function(){cnx({"playerId":"92b7b46b-43ed-4e0e-b21b-2c999302d9d7","settings":{"advertising":{"macros":{"AD_UNIT":"/23178111854/od.gizmodo.com/article","CHILD_UNIT":"article","POST_ID":"2000765365","POST_TYPE":"post","CHANNEL":"tech","SECTION":"transportation","SUBSECTION":"","CATEGORIES":"tech,transportation","TAGS":"cars,ford,gm","NOP":"0"},"timeBeforeFirstAd":0}}}).render("cnx-player-main")}); The Journal…
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