DETROIT (AP) — Automakers posted big increases in new vehicle sales during the summer, despite high prices, rising interest rates and even a limited strike against Detroit companies.
Industry sales rose 16.3% from July through September as consumer demand stayed strong despite an average new vehicle loan rate of 7.4% and an average vehicle price of more than $45,500.
Vehicle supplies also continued to recover from shortages of computer chips and other parts that began during the pandemic.
With increased selection, more people bought vehicles, despite an average monthly payment of $736.
Edmunds.com Director of Insights Ivan Drury says those who are buying new vehicles now are doing it because they need to.