US automakers' sales rose sharply over the summer, despite high prices and interest rates
Automakers posted big increases in new vehicle sales during the summer, despite high prices, rising interest rates and even a limited strike against Detroit companies
By TOM KRISHER
Published - Oct 03, 2023, 06:12 PM ET
Last Updated - Oct 03, 2023, 06:13 PM EDT
DETROIT (AP) — Automakers posted big increases in new vehicle sales during the summer despite high prices, rising interest rates and even a limited strike against Detroit companies.
Industry sales rose 16.3% from July through September as consumer demand stayed strong despite an average new vehicle loan rate of 7.4% and an average vehicle price of more than $45,500.
Vehicle supplies also continued to recover from shortages of computer chips and other parts that began during the pandemic and are finally abating. With increased selection, more people bought vehicles, despite an average monthly payment of $736.
“I think this is 100% replacement purchases and needs-based,” said Ivan Drury, director of insights at Edmunds.com.
