Auto Sales Forecast 2023

If you’re planning on buying a car in the next couple of years, you might be interested in what the auto sales forecast says. Fortunately, you can easily find out. Here’s a quick overview of some of the major car manufacturers, including Ford, Toyota, and Honda. Also, you’ll find out how the sales numbers for these vehicles compare with the rest of the market.

General Motors

The General Motors auto sales forecast for 2023 shows continued growth as GM regains the top sales position from Toyota. This is the first time GM has held the number one spot since 1931.

Sales rose in the fourth quarter as production rebounded. GM’s sales were boosted by pickups and SUVs. But the overall market was hampered by a supply shortage.

In the fourth quarter, GM delivered 623,261 vehicles. That was 41 percent more than the third quarter. Overall, GM sold 2.27 million vehicles in the U.S. Last year, GM reclaimed the title from Toyota.

A full-blown recession would have a profound impact on auto sales. During a recession, lower-income borrowers tend to leave the new vehicle segment. However, during the recent recovery, demand for new cars has remained strong.

Honda

The American Honda Automobile Corporation provided an outlook on the U.S. automobile business for 2023. In the third quarter, the company expects a healthy increase in sales.

American Honda will expand its mobility products, including EVs, in order to move toward an electrified future. Additionally, the company will establish a digital services business unit.

Honda has a full line of vehicles, including the Accord, Civic, HR-V, Ridgeline pickup, and Odyssey minivan. It also offers electrified vehicles, such as the Pilot, CR-V, and Civic hybrid.

However, the auto industry is now in a new era, and the supply and demand of cars and trucks …

New and Used Car Price Trends 2023

Whether you are in the market for a new or used car, you will want to keep an eye on the price trends over the next few years. There are several key factors that will play a role in how your car will be priced. Among these are the wholesale price of vehicles and inflation. By the time the 2023 model year rolls around, expect to see prices drop between 2.5% to 5% for new cars, and between 10% to 20% for used vehicles.

Prices will fall by 2.5% to 5% for new cars

If you’re a car shopper, you’ve probably heard of the rumored price drop for new cars in 2023. There are several factors that can affect car prices, but if you’re lucky, you might be able to find a good deal as early as 2022.

However, experts cannot predict the exact date when prices will go down. For one thing, the supply of new cars will be limited due to ongoing supply chain interruptions. Another factor is higher raw material costs. These prices have led to higher input costs, which have put a ceiling on the new car price.

In addition, higher interest rates and energy prices are making auto loans and leases more expensive, and consumers may face difficulty financing a vehicle. Despite these challenges, many experts expect the market to bounce back in 2023.

Prices will decline by 10% to 20% for used cars

Used car prices are projected to fall between 10% and 20% in 2023, according to JP Morgan Research. Prices have already been ebbing since the middle of the year, and they’re likely to keep dropping into the new year.

High new vehicle prices drove many shoppers to the used market. But the recent declines in prices may bring some relief to …