New vehicle sales in the United States are predicted to total nearly 15.8 million units in 2024, according to a new report from Cox Automotive.
That’s up from 15.5 million units in 2023 and the most since 2019, based on Cox Automotive’s research.
“With the U.S. election season now in the rearview mirror, we are seeing a bit of a bump-up in sales,” says Charlie Chesbrough, senior economist at Cox Automotive.
“Both October and November saw a shift to a higher sales pace and a similar outcome” is forecast for December, when sales volume is expected to reach 1.47 million, a 7.7% increase from the prior month.
“Many buyers who thought it best to wait to get the best deal are realizing now is the time to buy.”
In addition, Cox Automotive says that electric vehicle (EV) sales are on track to set a record in 2024, “with a total sales volume near 1.3 million.”
Chesbrough notes that “some vehicle buyers are taking advantage of EV discounts that could by dialed back” by the incoming Trump administration “and others may be concerned potential tariffs may hit prices. So the market has strong tailwinds as the year comes to a close.”
Cox Automotive predicts that the new vehicle market will grow by 3% in 2025.
