Car Sales Are Beginning to Recover After Low March Sales
Photo: Mitsubishi Motors
Dealerships across the United States saw a sharp decline in sales during March as a result of the coronavirus pandemic. However, according to analysts at J.D. Power, car sales are beginning to recover.
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How the pandemic is affecting car sales
J.D. Power gets an extensive amount of sales data from dealerships in the United States. As such, the research firm has been able to compare car sales to the original sales forecasted. In March, social distancing and stay-at-home orders led to a huge drop in sales. States with high infection rates had up to a staggering 80 percent decrease in sales.
Sales were still down overall in April, but they were much closer to the forecasted sales than in March. J.D. Power analyst Tyson Jominy said, “For the week ending April 19, retail sales were down 48% from the pre-virus forecast, an improvement of 3 percentage points from the week ending April 12.”
Throughout the first 19 days of April, automakers sold about 300,000 new vehicles. J.D. Power expects car sales in the used vehicle market to also recover, though it will likely occur during the second half of 2020 once there is a higher demand for new cars
Analysts at J.D. Power believe that May will be a crucial month for the automotive industry. Many states plan to lessen the restrictions for stay-at-home orders, which would make it easier for you to buy a new car.
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Several automakers are offering incentives for purchasing new vehicles. For instance, if you buy a new Mitsubishi vehicle, the automaker’s financial partner, Ally, can give you up to 90-days deferred payments. Before selecting your next car, be sure to check for any available incentive offers.
Amanda Drago lives in West Chester, Ohio with her wonderful family, which includes her adorable dog, Coco. Amanda recently graduated from Miami University with degrees in both marketing and creative writing. However, if she was ever forced to change career paths, she imagines that she would train dogs for movies. In her spare time, she enjoys reading, writing, and watching Netflix. She also has a special place in her heart for theatre and purchases tickets to as many shows as she can. See more articles by Amanda.