From Fortune:

– In 2023, American new vehicle sales rose by 12% from 2022 as consumers chose to still purchase despite the high prices, interest rates, and supply chain issues. Average car prices in December 2022 peaked at $47,300, but now stand at around $46,000.

– Signs of a cooling market are already emerging as buyers are making efforts to ensure they get the best price possible and dealers are offering discounts and better financing options.

– Discounts more than doubled year over year and sales of more affordable vehicle models and electric and hybrid vehicles grew significantly in the market.

– General Motors, Toyota, and Honda saw sales growth of 14%, 7%, and 33% respectively. However, Stellantis’ sales dropped about 1% for the year. Ford’s F-Series pickup trucks and Toyota’s RAV4 small SUV remain the top-selling vehicles in the U.S.



Read more: Car industry: Americans buy 12% more cars in 2023 than 2022, a 12% increase