TrueCar Projects Rise in New-Car Sales

By Staff Writer August 30, 2022

TrueCar expects total new-vehicle industry sales to reach 1,152,846 units in August 2022, up 9% from a year ago and slightly up from July 2022, when adjusted for the same number of selling days.

This month’s seasonally adjusted annualized rate (SAAR) for total light vehicle industry sales is an estimated 13 million, down 14% from August 2021. Excluding fleet sales, TrueCar expects U.S. retail deliveries of new cars and light trucks to be 1,015,575 units, up 6% from a year ago and up about 3% from July 2022.

 “August is shaping up to confirm our early predictions that the industry may be turning the corner,” said Zack Krelle, an industry analyst at TrueCar. “We’re seeing consecutive month over month increases for incentives, while average transaction prices are softening. Inventory is also slowly growing, and sales are improving slightly.”

Additional August Industry Insights (from TrueCar):

  • Total sales for August 2022 are expected to be up 9% from a year ago and slightly up from July 2022 when adjusted for the same number of selling days.
  • Fleet sales for August 2022 are expected to be up 40% from a year ago and down 12% from July 2022 when adjusted for the same number of selling days.
  • Incentive spend is down 52% from last year but up 9% from July 2022.
  • Average transaction price for new vehicles is projected to be up 10% from a year ago and slightly down from July 2022.
  • Total SAAR is expected to be down 14% from a year ago at 13 million units.
  • Used vehicle sales for August 2022 are expected to reach 3 million, down 17% from a year ago and up 4% from July 2022. 
  • The average interest rate on new vehicles is 5.7% compared to July 2022 at 5.6% and the average interest rate on used vehicles is 8.7%.
  • The average loan term on a new vehicle for August 2022 is about 70 months and the average loan term on a used vehicle is about 71 months.

(Note: This industry insight is based solely on TrueCar Inc.’s analysis of domestic industry sales trends and conditions and is not a projection of TrueCar’s operations.)

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Last modified on Wednesday, 31 August 2022 00:06