2024 shaping up to be the best year for new-car sales
- New-car sales expected to increase as inventories and deals rise
- 2024 shaping up to be the best year for new-car sales since 2019
- Cox Automotive forecasts a seasonally adjusted annual rate of 15.9 million vehicles in April
- Healthy inventory levels and rising incentives support new-vehicle sales
- Consumers remain resilient despite higher interest rates and vehicle prices
- Tesla’s global vehicle inventory increased to 28 days in the first quarter
- 2.77 million unsold vehicles in inventory in early April
- Average incentive spend from manufacturers increased 11% to $3,121 in March
Car dealers are offering more deals as inventories rise, likely boosting April new-car sales as 2024 shapes up to be the best year for new-car sales since 2019. Cox Automotive Inc. analysts forecast a seasonally adjusted annual rate of around 15.9 million vehicles in April, supported by healthy inventory levels and rising incentives. Despite higher interest rates and vehicle prices, consumers remain resilient. Tesla’s global vehicle inventory increased to 28 days in the first quarter, indicating the trend of rising inventories. In early April, there were 2.77 million unsold vehicles in inventory, leading to better deals at dealerships. The average incentive spend from manufacturers increased 11% to $3,121 in March.
Factuality Level: 7
Factuality Justification: The article provides specific data and quotes from analysts to support the claims made about the rise in car deals and new-car sales. It does not contain any obvious misinformation or bias, and the information presented seems to be based on factual data and expert opinions.
Noise Level: 3
Noise Justification: The article provides relevant information about the current state of the new-car market, including data on inventories, sales forecasts, and incentives. However, it lacks depth in analysis, does not explore potential consequences or long-term trends, and does not provide actionable insights for the reader.
Financial Relevance: Yes
Financial Markets Impacted: Car dealerships, automotive industry
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the current state of the new-car market and the factors that are likely to boost new-car sales. It mentions rising inventories, increased incentives, and the resilience of consumers despite higher interest rates and vehicle prices. While there is no mention of an extreme event, the information provided is relevant to the financial markets and automotive companies.
Public Companies: Cox Automotive Inc. (Not available), Tesla Inc. (TSLA)
Key People: Analysts at Cox Automotive Inc. (Not available)
Reported publicly:
www.marketwatch.com 
