According to TrueCar.com’s forecast, 1.21 million new vehicles will be sold in February, up 16.5% (unadjusted) month-over-month from January sales. Six of eight automakers included in the survey are expected to post higher sales in February than they did in January, with Volkswagen leading the charge, up 14.1%; Ford Motor Co. (NYSE: F), up 11.9%; Chrysler, up 9.1%; Toyota Motor Co. (NYSE: TM), up 6%; General Motors Co. (NYSE: GM), up 5.6%; and Honda Motor Corp. (NYSE: HMC), up 2.3%. Only Hyundai/Kia and Nissan are touted to post lower sales, down 6.9% and 4.7% respectively.
Incentive spending dropped 3.9% month-over-month in February, following a 12.2% drop in January. GM offered the highest incentives in Februray, with an average $3,143 per vehicle. Honda cut incentives by nearly 40% in February, to just $1,291, the lowest in the group.
According to a TrueCar.com analyst:
We expect incentives spending to track within a narrow range the rest of the year as the supply of vehicles and consumer demand are forecasted to increase at similar levels.
Used car sales are up 4.6% year-over-year in February. TrueCar.com estimates that about 3.4 million used cars will be sold in February. The ratio of new car sales to used car sales is estimated at 1:3.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
