Undeterred by high prices, rising interest rates, autoworker strikes and a computer-chip shortage that slowed assembly lines, American consumers still bought 15.6 million new vehicles last year, 12% more than in 2022, the biggest increase in more than a decade.
Yet sales still haven't returned to the 17 million rate in the years before the pandemic, and there are signs of a cooling market as buyers aren't as willing to pay astronomical prices that dealers and manufacturers were charging just months ago.
"You see the consumer making a concerted effort to ensure that they're getting the best price possible," said Jonathan Chariff, CEO of South Automotive Group, a 10-dealership group in the Miami area. "They basically feel that this is the right time to buy from a perspective of being able to get the discounts."
Average auto sales prices peaked in December of 2022 just over US$47,300, with vehicles in short supply because of the global chip shortage that limited production. Some dealers were able to charge over the sticker price to buyers who needed a new ride or had the money to get one.
But the chip shortage gradually eased last year to the point where it's nearly over, and assembly lines are running at near normal speeds. General Motors, Ford and Stellantis endured six-week strikes by the United Auto Workers that ended last fall. As a result, vehicle supplies on dealer lots are strong and growing, and prices are starting to fall as automakers and dealers dangle discounts.
Data from J.D. Power show that average prices in mid-December were down 2.7% from the peak, to around US$46,000. But they're still nowhere near pre-pandemic prices due to a 26% runup from 2020 to 2022 as cash-rich buyers drove up prices mainly by buying loaded-out trucks and SUVs. That was about 10 percentage points higher than the inflation rate for the same period.
Still, Jonathan Smoke, chief economist for Cox Automotive, said he expects the gap between the sticker price and the transaction price that consumers pay to widen this year. "We do think that the tables start to turn in 2024," he said. "Discounting will be the key difference in why transaction prices are declining."
Discounts, on average, more than doubled year over year in November, Smoke said. "I think we're starting to see signs that manufacturers are starting to put more into making financing more attractive," he said, adding that they're also offering more attractive lease deals.
New vehicle loans averaged around 7% for most of the year, and those could drop even if the Federal Reserve doesn't start to cut rates, Smoke said.
He and Chariff also say that dealers have had to discount as well. In South Florida, Chariff said he isn't seeing customer demand back off. His dealerships had strong December sales without the normal lull during the week before Christmas.
There may be more buyers at the lower, more affordable end of the market, which already was heating up last year as supplies rose. For example, sales of the Chevrolet Trax small SUV, which starts at US$21,495 including shipping, grew to more than 109,000 last year, four times the 2022 number.
Electric vehicle sales grew 47% to a record 1.19 million for the full year, according to Motorintelligence.com. The EV market share grew from 5.8% in 2022 to 7.6% last year. But EV sales growth slowed toward the end of the year. In December, they rose 34%.
Gas-electric hybrid sales grew 54% to 1.2 million last year, with market share leaping from 5.6% in 2022 to 7.7%.
Among manufacturers, General Motors, the top seller in the U.S., posted a strong 14% sales increase for the year. Toyota sales grew 7%, while Honda was up 33%. Nissan sales grew 23%, with Hyundai up 12%. Stellantis, maker of Jeep, Ram and other vehicles, saw its sales drop about 1% for the year.
Ford's F-Series pickup trucks are likely to remain the top selling vehicle in the U.S. when the company reports numbers on Thursday. But General Motors said it sold more full-size pickups than Ford -- 839,517 -- with its Chevrolet Silverado and GMC Sierra combined.
Toyota's RAV4 small SUV was the country's top-selling vehicle that wasn't a pickup truck. RAV4 sales rose 9% last year to almost 435,000.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
Hurricane Milton barrelled into the Atlantic Ocean on Thursday after ploughing across Florida as a Category 3 storm, pounding cities with ferocious winds and rain, whipping up a barrage of tornadoes and causing an unknown numbers of deaths. It compounded the misery wrought by Helene while sparing Tampa a direct hit.
Timelapse video of satellite imagery shows an impressive number of lightning flashes over Florida as Category 3 Hurricane Milton made landfall on Wednesday.
In her column for CTVNews.ca, royal commentator Afua Hagan writes about the pen friendship we didn't see coming, between Melania Trump, the former first lady of the United States, and King Charles III.
An Ontario man said he feels 'devastated' after learning his identity was stolen to take out two fraudulent loans under his name.
Rafael Nadal announced his impending retirement from tennis on Thursday at age 38 after winning 22 Grand Slam singles titles during an unprecedented era he shared with his rivals in the so-called Big Three, Roger Federer and Novak Djokovic.
A West Vancouver company has been ordered to repay a homebuyer's $1-million deposit after it failed to complete construction on the property in time.
Two Orange County women are speaking out after they say they were kicked off of a Spirit Airlines flight because of what they were wearing.
Taylor Swift has made a significant donation toward helping those affected by hurricanes Milton and Helene.
Jennifer Johnson, Lacombe-Ponoka legislature member, has been welcomed back into the United Conservative Party (UCP).
During the campaign, BC Conservative Leader John Rustad has repeatedly said people are "dying on the streets" in the province 鈥 and on Tuesday he claimed to have witnessed that very thing in downtown Vancouver while he was on his way to the leaders' debate.
A bill restricting the sale of long-bladed weapons was introduced in Manitoba Wednesday by Justice Minister Matt Wiebe.
American actor and environmental activist Mark Ruffalo is weighing in on British Columbia politics, lauding the B.C. Green Party's stance on fossil fuels ahead of the Oct. 19 election.
A former chief of staff to a Liberal public safety minister has denied suggestions she worked to stall approval of a spy service warrant in early 2021 because it directly touched the operations of the Trudeau government.
Saskatchewan's highest court has granted Dillon Whitehawk an appeal and a new trial has been ordered for the 2019 deaths of Jordan Denton and Keenan Toto.
Hurricane Milton barrelled into the Atlantic Ocean on Thursday after ploughing across Florida as a Category 3 storm, pounding cities with ferocious winds and rain, whipping up a barrage of tornadoes and causing an unknown numbers of deaths. It compounded the misery wrought by Helene while sparing Tampa a direct hit.
Israel's defence minister warned on Wednesday that his country's retaliation for a recent Iranian missile attack will be "lethal" and "surprising," while the Israeli military pushed ahead with a large-scale operation in northern Gaza and a ground offensive in Lebanon against Hezbollah militants.
A Turkish Airlines jetliner headed from Seattle to Istanbul made an emergency landing in New York on Wednesday after the captain died on board, an airline official said.
In her column for CTVNews.ca, royal commentator Afua Hagan writes about the pen friendship we didn't see coming, between Melania Trump, the former first lady of the United States, and King Charles III.
Israel's ground invasion in Lebanon stretched into its second week, as the Hezbollah militant group fired hundreds of rockets deep into Israel 鈥 with no end in sight to the escalating conflict.
Sheriff's deputies in Washington's Kitsap County frequently get calls about animals -- loose livestock, problem dogs. But the 911 call they received recently from a woman being hounded by dozens of raccoons swarming her home near Poulsbo stood out.
In Laos, as Prime Minister Justin Trudeau pursues closer economic ties with the 10 nations of the Association of Southeast Asian Nations, widening global conflict will linger on the margin of the summit like a spectre that can鈥檛 be ignored.
A former chief of staff to a Liberal public safety minister has denied suggestions she worked to stall approval of a spy service warrant in early 2021 because it directly touched the operations of the Trudeau government.
Canada is adding another $15 million to its humanitarian aid package for Lebanon after an escalation in the conflict between Israel and the Lebanon-based militant group Hezbollah.
Twin brothers who were born conjoined recently celebrated their first birthday after undergoing successful separation surgery.
COVID-19 could be a powerful risk factor for heart attacks and strokes for as long as three years after an infection, a large new study suggests.
The Ontario Ministry of Health says four people have been sickened after consuming beef tongue believed to be contaminated with listeria.
Expectations are high for the long-awaited unveiling of Tesla's robotaxi at a Hollywood studio Thursday night. Too high for some analysts and investors.
As if the largest bug to ever live 鈥 a monster nearly nine feet long with as many as 64 legs 鈥 wasn鈥檛 terrifying enough, scientists could only just imagine what the extinct beast鈥檚 head looked like.
A severe solar storm is headed to Earth that could stress power grids even more as the U.S. deals with major back-to-back hurricanes, space weather forecasters said Wednesday.
Taylor Swift has made a significant donation toward helping those affected by hurricanes Milton and Helene.
Global hitmaker Bryan Adams is adding his voice to opposition over new federal regulations on streaming.
The theme of the next Met Gala and its celebrity chairs have been announced: Pharrell Williams, Lewis Hamilton, Colman Domingo, A$AP Rocky and LeBron James will help the museum launch an exhibit examining Black style in menswear over the centuries.
A West Vancouver company has been ordered to repay a homebuyer's $1-million deposit after it failed to complete construction on the property in time.
Siskinds LLP says a $70.25 million class-action settlement has been reached with TD Asset Management over commissions paid to discount brokers.
A new report says growth in average asking rents across Canada last month slowed to the lowest rate since October 2021, at 2.1 per cent year-over-year.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
While there's debate among experts about the stages of grief, 'people who are in the pain of grief are just saying, 鈥楬elp me,'' death and grieving expert David Kessler said. Here's what the five stages of grief are, and how you can consider and process them in whichever order you experience them.
Rafael Nadal announced his impending retirement from tennis on Thursday at age 38 after winning 22 Grand Slam singles titles during an unprecedented era he shared with his rivals in the so-called Big Three, Roger Federer and Novak Djokovic.
Buffalo Sabres centre Dylan Cozens had just finished a gruelling summer off-ice session when he and trainer Ben McPherson drove out into the Yukon wilderness to go fishing.
There was a time J.T. Miller struggled to work his way into an NHL lineup. Now the 31-year-old is a stalwart centre for the Vancouver Canucks 鈥 and he's set to play his 800th regular-season game Wednesday.
Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.
Hundreds of thousands of vehicles are being recalled in Canada due to a steering-related issue that could increase a driver's risk of crash.
Mercedes-Benz has partnered up with the Ontario Vehicle Innovation Network (OVIN) and the provincial government to launch a new 鈥渋ncubator program鈥. One of the first three locations is Windsor, with the other two going to Toronto and Kitchener-Waterloo.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.
Saskatchewan鈥檚 Jessica Campbell has made hockey history, becoming the first ever female assistant coach in the National Hockey League (NHL).
Have you ever seen videos of hovercrafts online or on TV and thought, 'Wow, I wish I could ride one of those.' One Alberta man did, and then built his own.
A B.C. couple is getting desperate 鈥 and creative 鈥 in their search for their missing dog.
Videos of a meteor streaking across the skies of southern Ontario have surfaced and small bits of the outer space rock may have made it to land, one astronomy professor says.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
Bernie Hicks, known as the 鈥楤atman of Amherst,鈥 always wanted to sit in a Batmobile until a kind stranger made it happen.
Bubi鈥檚 Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
Weeneebayko Area Health Authority and the Government of Ontario have awarded a $1.8 billion fixed-price contract to design, build and finance a new Far North hospital.
It all happened within a matter of seconds. Christopher Taylor was biking near an East Vancouver park on a leisurely Sunday morning when he looked left to see a police cruiser barrelling toward him.
The parents of a teen who died of a suspected drug overdose are calling on the government to improve addiction and mental health care.
On the heels of a commanding performance at the only televised leaders鈥 debate of the 2024 provincial election, the leader of the BC Green Party was scheduled to speak at a lively rally after making a public safety announcement in downtown Vancouver, but lost her voice and missed it at the last minute.
Peel Regional Police say homicide detectives have been notified after a person was found dead at a home in Brampton last night.
Royal LePage鈥檚 latest housing market forecast predicts a real estate rebound that will see Canada鈥檚 鈥渟luggish鈥 markets in recovery mode by spring following a third straight interest rate cut.
An Ontario man said he feels 'devastated' after learning his identity was stolen to take out two fraudulent loans under his name.
As hurricane Milton slams into Florida, many Canadians living in the storm's path are preparing to evacuate or hunker down.
Calgary police say more charges are expected against a man accused of intentionally starting a fire that caused an explosion in northeast Calgary over the weekend.
One person is dead following a motor-vehicle collision in Calgary's southwest on Wednesday evening.
The Ottawa Senators kick off the 2024-25 NHL season tonight at Canadian Tire Centre. CTVNewsOttawa.ca looks at what you need to know about the Senators this season.
Halloween is right around the corner, but residents of a South Kanata community say they've been living in what feels like a horror movie for over a month.
Home prices increased an average of 1.6 per cent in Ottawa over the summer, as buyer demand remained weak and sellers "stick with their listing strategy," according to a new report. However, the Royal LePage House Price Survey is forecasting the aggregate price of a new home increases 4.5 per cent in the final three months of the year as interest rates drop.
Although he acknowledges that there is still a lot of work to be done in mental health, Social Services Minister Lionel Carmant is confident that he has succeeded in reversing the trend.
Three young people aged 17, 19 and 20 were arrested after shots were fired late on Tuesday near Old Montreal.
Sam Montembeault made 47 saves, Cole Caufield scored the game-winning goal and the Montreal Canadiens opened the NHL season with a 1-0 win over the Toronto Maple Leafs on Wednesday at the Bell Centre.
Residents of communities like Allard say there are traffic snarls on local roads every morning, leading to dangerous driving.
On Wednesday, Edmonton police posted video of a large encampment found excavated under the High Level Bridge in August.
Edmontonians are being asked to cast their ballot for the local bird they think best represents our city.
A 14-year-old girl has pleaded guilty to a reduced charge of manslaughter in the stabbing death of a 16-year-old boy near a Halifax mall earlier this year.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
A man and woman from British Columbia died in a two-vehicle crash in Baddeck Inlet, N.S., on Monday evening.
A 42-year-old Winnipeg man has been charged with human smuggling following an investigation near a Canada-U.S. border crossing in Manitoba.
A bill restricting the sale of long-bladed weapons was introduced in Manitoba Wednesday by Justice Minister Matt Wiebe.
A Winnipeg landlord is facing $9,000 in penalties following a mass eviction at a Winnipeg apartment block this summer.
A Saskatchewan Party candidate publicly apologized on Wednesday after it was revealed that he used a racial slur in caucus offices a year and a half ago.
For Scarlett Hicks, everyday life is challenging, as the two-year-old lives with a long list of medical conditions.
Saskatchewan RCMP say a larger police presence in Whitewood is related to a report of robbery with a firearm.
One person was struck by a GO train, near the Kitchener station, on Wednesday morning.
A former employee of CTV Kitchener has found a few memories buried in the walls of our old home at 864 King Street West.
Lithium batteries, found in everything from cellphones to electric vehicles, have become a part of our daily lives 鈥 but recent fires have prompted concerns about their use.
A Saskatchewan Party candidate publicly apologized on Wednesday after it was revealed that he used a racial slur in caucus offices a year and a half ago.
Healthcare workers rallied outside St. Paul鈥檚 Hospital in Saskatoon Wednesday, advocating for better conditions in emergency rooms.
Milton is shaping up to be a monster of a storm, expected to strike Florida as a Category 3 hurricane, just weeks after Hurricane Helene hit the region.
The Information and Privacy Commission has ordered Greater Sudbury to reduce the fee for a freedom of information request to $ 11,111 to provide details of how many animals were euthanized in a five-year period, among other questions.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
For the last few weeks, fighter jets have been spotted soaring over Greece鈥檚 Peloponnese peninsula, part of the 鈥楻amstein Flag 24鈥 that includes military personnel from 22 Wing/Canadian Forces Base North Bay.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
This latest crash was the second fatal and third serious accident at this intersection in the past couple of months - when asked, locals said that the intersection is 'kind of blind.'
The London Knights were in Owen Sound Wednesday with some reinforcements back in the lineup.
A Barrie man accused of assaulting a police officer in late September, which then became the topic of conversation in parliament last week, has been denied bail.
Provincial police are investigating reports of an armed robbery in Amaranth Township that sent one person to the hospital in critical condition.
Barrie and District Christmas Cheer celebrates 50 years of giving the gift of Christmas.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
Brett Iler pleaded not guilty to six charges Wednesday as a result of a double fatal collision in the 2022 RetroFest Classic Car Cruise.
Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.
Abbas Motalebizadeh is a PhD candidate at the University of Victoria鈥檚 Mechanical Engineering Department and on Wednesday he was at the Victoria International Marina to test the Inner Harbour for microplastics.
During the campaign, BC Conservative Leader John Rustad has repeatedly said people are "dying on the streets" in the province 鈥 and on Tuesday he claimed to have witnessed that very thing in downtown Vancouver while he was on his way to the leaders' debate.
American actor and environmental activist Mark Ruffalo is weighing in on British Columbia politics, lauding the B.C. Green Party's stance on fossil fuels ahead of the Oct. 19 election.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
Thousands more Lethbridge residents will soon be without a family doctor.
Alberta's police watchdog says the Medicine Hat police officers who were involved in an in-custody death in August 2023 acted reasonably and with appropriate force in dealing with a suspect armed with a machete.
Charges have been laid against a 44-year-old man following a traffic stop in Brocket, Piikani Nation RCMP said Tuesday.
An annual international mining conference is underway in Greater Sudbury, Ont., marking the first time the Organization for Economic Co-operation and Development (OECD) Conference of Mining Regions and Cities has been held in North America.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.
A woman in Greater Sudbury, Ont., said "It doesn't get more Canadian than this" when she spotted a black bear dumpster diving at a Tim Hortons last month.
A Conservative MP from Newfoundland and Labrador says some small towns in his rural riding are overrun with crime, but police say they haven't received reports to that effect.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
The Shopping Trends team is independent of the journalists at 麻豆影视. We may earn a commission when you use our links to shop.聽Read about us.
