{"id":7006,"date":"2023-10-30T09:41:56","date_gmt":"2023-10-30T09:41:56","guid":{"rendered":"https:\/\/infundpros.com\/finance\/more-americans-are-car-shopping-despite-uaw-strike-and-high-prices\/"},"modified":"2023-10-30T09:42:12","modified_gmt":"2023-10-30T09:42:12","slug":"more-americans-are-car-shopping-despite-uaw-strike-and-high-prices","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7006","title":{"rendered":"More Americans are car shopping, despite UAW strike and high prices"},"content":{"rendered":"
\n

October saw a strike close many car factories, and war and political turmoil are in the news. But Americans went car shopping anyway.<\/p>\n

According to analysts from Kelley Blue Book parent company Cox Automotive, new-vehicle sales volume in the U.S. is expected to rise nearly 4% compared with October 2022, a market in the early stages of recovery from severe product shortages.<\/p>\n

\n

Car shopping isn\u2019t back to the level it held before the COVID-19 pandemic unsettled the worldwide economy. Americans bought more than 17 million cars per year in four of the five years preceding the pandemic, and that year \u2014 2019 \u2014 sales were 16.9 million. That number fell to under 14 million in 2022.<\/p>\n

October\u2019s projected numbers would put the country on pace for about 15.8 million this year.<\/p>\n

Some buyers are holding back<\/strong><\/h2>\n

\u201cThough there are many headwinds in the market today, new-vehicle sales continue to show gains over last year\u2019s supply-constrained market,\u201d said Charlie Chesbrough, senior economist at Cox Automotive. <\/p>\n

\u201cConcerns about high interest rates, a potential economic recession, and the ongoing UAW [United Auto Workers] strike are all likely holding back some potential vehicle buyers,\u201d he noted. Though\u00a0Ford
\n F,
\n -12.25%<\/bg-quote>
\n and the UAW have reached a tentative agreement to end part of the strike, it won\u2019t be official until members vote to accept it \u2014 likely late this week.<\/p>\n

\u00a0\u201cHowever, there are still enough individuals and businesses with the need and ability to buy vehicles, which has helped sustain the sales recovery,\u201d Chesbrough says.<\/p>\n

<\/p>\n

<\/p>\n

\n The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen\/Getty Images
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

Inventory stronger than last year<\/strong><\/h2>\n

A key driver of new-vehicle sales strength has been growing inventory levels across the industry.<\/p>\n

Car dealers measure their supply of new cars to sell in days of inventory \u2014 how long it would take to sell out at today\u2019s sales pace if they couldn\u2019t acquire more.<\/p>\n

Days\u2019 supply in mid-October reached 62, the highest point since the spring of 2021. A year ago, days\u2019 supply was at 48.<\/p>\n

Read: <\/strong>Buying a new car? Don\u2019t expect a bargain, even with more vehicles on dealership lots.<\/p>\n

Toyota
\n TM,
\n +0.70%<\/bg-quote>
\n and Honda
\n HMC,
\n -0.63%<\/bg-quote>
\n continue to have the lowest measured days\u2019 supply, at less than 23 days. Of the Detroit brands, where production is being negatively impacted by the UAW strike, Chevrolet and Cadillac had the tightest supply in mid-October, both below the industry average of 62. Ford had 90 days\u2019 supply in the same timeframe, while Lincoln and the core Stellantis
\n STLA,
\n -2.38%<\/bg-quote>
\n brands had inventory levels well above 100 days\u2019 supply.<\/p>\n

This story originally ran on <\/em>KBB.com<\/em>.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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