U.S. auto sales at eight-year low

In a year defined by lockdowns and stay-at-home edicts, the U.S. automobile market will be wrapping 2020 with the lowest sales volume since 2012, according to new data released by Edmunds, the online automotive resource.

Edmunds is forecasting the sale of 14.4 million new cars and trucks in 2020, a 15.5% decline from 2019. Edmunds noted the year is ending on a high note with a fourth quarter forecast of 4.03 million new cars and trucks being sold, a 2.8% increase from the third quarter. However, that also represents a 5.7% tumble from the fourth quarter of 2019.

Among the major automobile manufacturers, Nissan recorded the greatest U.S. sales volume decline this year with a 34.6% year-over-year plummet. Hyunda/Kia saw the lowest year-over-year decline with a 7.5% drop in U.S. sales volume.

“It’s certainly not much of a buyer’s market right now,” said Jessica Caldwell, Edmunds’ executive director of insights. “Inventory is still in short supply in certain areas, and automakers and dealers aren’t faced with the pressure to use big discounts to clear out their lots like they normally do at this time of year.”

Caldwell added that prospective car buyers burdened by the financial woes of this year “might want to skip holiday shopping and wait until next year if they’re looking for big bargains.” She also voiced confidence in a 2021 rebound for the industry, despite continuing economic difficulties.

“Even if we face another wave of retail shutdowns, the good news is that dealers are far better prepared now for selling virtually than ever before,” said Caldwell. “And vaccines on the way should only help keep consumer confidence high.”