Shoppers spent round $578 billion on new automobiles in 2023, a forecast launched by J.D. Energy and GlobalData discovered.

“December outcomes cap off the yr with a robust efficiency, illustrated by double-digit year-over-year gross sales progress and the second-highest client expenditure on new automobiles ever recorded for the month,” mentioned Thomas King, president of the information and analytics division at J.D. Energy.

“Whole gross sales of just below 15.5 million for 2023 signify a major enhance of 12.8% from 2022, when simply 13.7 million automobiles have been offered,” added King.

He famous that buyers spent a document of $578 billion on new automobiles in 2023, marking the third consecutive yr US shoppers spent greater than half a trillion {dollars}.

“As stock improves, the typical new-vehicle retail transaction worth is declining,” mentioned King.

“Nonetheless, even with the decline in common transaction costs, shoppers are on monitor to spend almost $50.4 billion on new automobiles this month—the second highest on document for the month of December and 5.1% increased than December 2022,” he added.

Car gross sales forecasts for December 2023

In response to the report, whole gross sales for brand new automobiles is projected to succeed in 1,396,700 models in December, which is a 13.2% enhance year-over-year. This quantity consists of each retail and non-retail transactions. Whereas December 2023 has one much less promoting day from the earlier yr, there’s a 9% year-over-year enhance if the identical gross sales quantity was in contrast with out adjusting the variety of promoting days.

The seasonally adjusted annualized price (SAAR) for whole new-vehicle gross sales is predicted to succeed in 15.4 million models, which is a 1.9 million unit enhance year-over-year.

In This fall 2023, whole gross sales for new-vehicles are projected to mark a 9.8% enhance year-over-year, amounting to three,826,000 models when adjusted for promoting days. When adjusted for promoting days, new-vehicle whole gross sales for 2023 are projected to succeed in 15,466,000 models which is a 13.2% enhance year-over-year.