(Detroit) New vehicle sales in the United States increased only slightly in the second quarter, despite deeper discounts and slightly lower prices.
But stronger sales could be on the horizon: Auto industry analysts say they expect prices to fall further and the possibility of lower interest rates that would make it more affordable to borrow for a new vehicle.
Overall, U.S. sales rose just 0.1 percent from a year ago as still-high prices kept many potential buyers out of the market, according to preliminary figures released Tuesday by Motorintelligence.com.
Sales were devastated in late June when cyberattacks crippled CDK Global’s software that dealers use to draft sales documents. CDK said most dealers had access back by Tuesday afternoon, but companies including General Motors said the problem delayed some deliveries in the third quarter.
Analysts say inventory at dealerships is rising, especially for pickups and other more expensive vehicles.
Discounts vary based on demand for vehicles, with smaller, cheaper models and gasoline-electric hybrids generally being rarer. Many customers are delaying purchases, thinking that bigger discounts are coming.
Toyota, which sells many popular gasoline-electric hybrids, reported a 9.2% sales increase from April to June. Honda’s sales rose 2.7%, while General Motors posted just a 0.3% gain and Hyundai reported a 1.8% increase. Subaru reported a 5.4% sales increase.
Stellantis sales fell 20.7% in the second quarter, with the Ram brand down 26% and Jeep sales down 19%. Nissan sales fell 3.1%, while Kia sales declined 1.6%.
Together, automakers reported selling about 4.13 million new vehicles between April and June, on track to meet forecasts of nearly 16 million for the year, slightly more than last year’s 15.6 million.
Earlier Tuesday, Tesla said its overall sales fell 4.8% in the second quarter, with a 6.6% decline in the first half. The company does not break out its U.S. sales. Ford releases sales figures Wednesday.