The economy continues to show strong signs of recovery from the coronavirus pandemic. The widespread dissemination of the COVID-19 vaccine and the stellar new light-vehicle sales in March are reasons to be optimistic for the remainder of 2021.
New study in the journal Applied Economics analyzed data on new car sales, finding that dealership competition “significantly” lowers consumer prices on new car and truck purchases.
2020 came to a close with new-light vehicle sales of 14.46 million units, down 14.7% compared to 2019.
“Given the better than expected recovery in the new light-vehicle market, we estimate 2020 new light-vehicle sales to be higher, reaching 14.1 million units,” added Manzi.