Strong Chevy Malibu, Toyota Camry Sales Show Sedans Aren't Dead
Strong Chevy Malibu, Toyota Camry Sales Show Sedans Aren't Dead
Midway through 2023 it's clear that many buyers still want sedans over SUVs, as evidenced by strong sales performance from several automakers in this segment.
I think the free money train has ended and people are now left with ridiculous grocery bills and can’t afford the $70k vehicles others were previously financing at 0%.
Interest rates have destroyed affordability and now people are looking for the cheapest thing on the lot that fits their needs. Expect inventories to rise in everything but the cheapest vehicles until OEMs get with the programs and reduce prices.
COVID is over and we’re ‘back to normal’ according to every employer out there. How about prices come back to normal as well.
7I wonder if the economic belt tightening is going to lead to a shift back away from huge SUVs as buyers budgets shrink. A 34% increase yoy for the Malibu of all cars seems significant
7Something has to give. The average car payment is pushing close to 1k a month now. This is simply not sustainable.
6They know. This is why they are extending the number of months for paying off the car. 36 month car loan moved 60 month, then 72, 84, now 96 month car loan. We are not far from there being 10 year car loans.
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Are these figures including fleet sales to rental companies, or is it just consumer sales?
3A used malibu is super uninspiring but dollar-for-dollar appears to be one of the better deals on the market if you're sticking to that "max 3 years old" rule of thumb. The interest rates are crushing and there are so few options available at the low-end of the market. Malibus are at least on the lot.
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