US NEW VEHICLE SALES SET TO RISE IN FEBRUARY

In February, new vehicle sales in the United States are anticipated to increase by 1.4% compared to the previous year, reaching an estimated total of 1.2 million units. This growth is attributed to strong demand and improved vehicle supply. Higher inventory levels, increased manufacturer incentives, and reduced retailer profit margins contributed to lower average transaction prices, supporting volume growth.

Despite the overall positive trend, the percentage of buyers considering electric vehicles for their next purchase decreased slightly to 25.6%, down from 26.6% in December. Consumer spending on new vehicles is projected to reach $40.80 billion in February, representing a $1.40 billion increase compared to the previous year. The average incentive spend per unit is estimated to be $2,565, up from $1,464 in the same period last year. However, the average transaction price for new vehicles is expected to decrease to $44,045, down $1,919 from February 2023.

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