The average new car price will earn $50,000 and continue to increase sometime this year if the predictions of some top executives in Toyota North America they are correct In accordance with Automotive news, they believe demand will continue to outstrip supply once again in 2023, and there could now be as many as 6 million potential new car buyers suffocated by inventory and pricing issues. Right now, the current price of the new car in the US is $48,763, according to NPR. It’s actually a slight decline, but it won’t last long.
Jack Hollis, Head of Sales of Toyota North America, he said he believes the automaker will end the year the same way it started: with about 30,000 vehicles in batch inventory. This is all due to strong consumer demand. “We’re going to sell every vehicle we can make,” he said Automobile news.
Hollis went on to say that if the headwinds the industry currently faces weren’t there, the automobile industry combined would sell nearly 17 million vehicles in the US by 2023. But, alas, they are there. He believes that this figure will eventually drop to about 2 million vehicles, 15 million. This means, according to Hollis, that there are 2 million more vehicles added to the accumulated demand, which now stands at about 6 million vehicles.
New cars aren’t the only place where prices will stay high, either. Hollis believes so used vehicle demand will grow from the fact that people cannot afford new cars, an old trend. It will continue to hold values high.
“The only thing holding us back [as an industry] it’s the entirety of the supply chain and the fragility of that supply chain, because we’re not back to normal anywhere in the world,” Hollis said. Automotive news.
