New Car Sales Are Rising Thanks to Purchases by the Well-Off
The New York Times••business
Key Points:
- Despite challenges like tariffs increasing car prices and rising loan defaults among lower-credit buyers, U.S. new car sales are projected to modestly increase to about 16.3 million in 2025.
- Major automakers such as General Motors and Toyota reported strong sales at the end of the year, signaling resilience in the auto market.
- The industry's stability is largely due to affluent Americans with high incomes and savings continuing to purchase new vehicles at steady rates.
- Households earning $150,000 or more now account for 43% of new car purchases, up from one-third in 2019, while purchases by households earning less than $75,000 have declined.
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