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US new-vehicle sales barely rose in the second quarter as buyers balked at still-high prices

By Tom Krisher - Jul 02, 2024, 05:10 PM ET
Last Updated - Jul 02, 2024, 05:10 PM EDT
Auto Sales
FILE - A line of unsold 2024 Mustang Mach-E electric utility vehicles sit at a Ford dealership May 19, 2024, in Denver. On Tuesday, July 2, 2024, automakers will report second-quarter U.S. sales and they're expected to be flat compared with a year ago. (AP Photo/David Zalubowski, File)

U.S. new-vehicle sales rose only slightly in the second quarter, despite larger discounts and slightly lower prices

DETROIT (AP) — U.S. new-vehicle sales rose only slightly in the second quarter, despite larger discounts and slightly lower prices.

Industry analysts say they expect prices to drop further, and suggest buyers consider waiting for better deals and possibly an interest-rate cut.

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Overall, U.S. sales were up only 0.1% compared to a year ago, as still-high prices kept many potential buyers out of the market, according to preliminary tallies Tuesday by Motorintelligence.com.

Sales were crimped in late June, when cyberattacks knocked out software from CDK Global that dealerships use to do sales paperwork. CDK said most dealers were back up by Tuesday afternoon, but companies such as General Motors said the problem pushed some deliveries into the third quarter.

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