New Vehicle Sales Rise 12%

DETROIT (AP) — American consumers bought 15.6 million new vehicles last year. The numbers indicate car buyers were undeterred by high prices, rising interest rates, autoworker strikes and a computer-chip shortage that slowed assembly lines. The tally is 12% more than in 2022, and the biggest increase in more than a decade. Yet sales still haven’t returned to the 17 million rate in the years before the pandemic, and there are signs of a cooling market as supplies grow on dealer lots and prices start to fall. Average auto sales prices peaked in December of 2022 just over $47,300. Data from J.D. Power show that average prices in mid-December were down 2.7% from the peak to around $46,000. Analysts expect more discounts through the year.