DETROIT (AP) - Automobile sales in the U.S. 2% in the first quarter, another sign the nation's economy is starting to slow. Automakers sold just over 4 million vehicles from January through March, according to Ward's Automotive Intelligence, and industry analysts blame the decline on rising vehicle prices, competition from an abundant supply of late-model used vehicles and relatively high interest rates. Weak sales of cars, harsh winter weather and the partial government shutdown also had an impact. Jeremy Acevedo, Edmunds.com's manager of industry analysis. Most analysts are predicting vehicle sales of around 16.9 million this year, still strong but down from last year's 17.27 million. Sales peaked in 2016 at 17.55 million. Prices are a big factor. 36,410 in the end of the first quarter, up 3.3% from a year ago. Auto-loan interest rates, on average, hit their highest point in a decade at 6.36%, up from 5.66% a year ago, according to Edmunds, which provides content to The Associated Press.
The report of falling sales came a day after the Commerce Department reported that retail sales dropped 0.2% in February as consumers pulled back from spending on building materials, groceries, furniture, electronics and clothing. This June 24, 2018, photo shows unsold 2018 Suburbans at a Chevrolet dealership in Englewood, Colo. Automobile sales in the U.S. 2% in the first quarter, another sign the nation's economy is starting to slow. Analysts for Cox Automotive said the economy is seeing rapid deceleration from a peak in growth during the past year. Gross domestic product growth hit 4.2% in last year's second quarter, but has slowed since. The U.S. economy also is affected by a slowing global economy that's been hit by trade uncertainties, the Cox analysts said. Charles Chesbrough, senior economist for Cox Automotive, said Americans have bought 85 million new vehicles during the past five years. Plus, Chesbrough said he expects a record 4.1 million vehicles to return to the market this year largely from two- and three-year leases. That gives consumers a choice to buy late-model vehicles at around a 40% discount from new ones, he said. But even with a decline this quarter, auto sales are still healthy. Patrick Manzi, senior economist with the dealers' association, said that although consumer confidence is waning, it remains high, showing that consumers still are willing to make large purchases. Also, job gains have been steady and wage growth has been accelerating. General Motors, down 7% to 665,840. Chevrolet Silverado pickup sales were off 15.7%, and it was bumped from its normal spot as the nation's No. 2-selling vehicle by the Ram pickup. Hyundai brand sales were up 2.1% to 147,585, led by the Tucson SUV with a 3.4% increase. Kia sales rose 7.6% to 136,596, led by the Soul small SUV with 19.3% increase.
All returns and cancellations may be subject to shipping charges, unless caused by our error or cancelled by the customer prior to shipping. No returns without prior authorization from the Supplier (see Contact Us page). It is company policy that we receive the original auto part back before sending you a replacement auto part. The original auto part must be returned using the provided shipping label. The shipping cost for both the original and the replacement auto part is a cost attributed to the shipper at hand. Some of our units (used engine, transmission, axle, etc.) may come with wear parts and accessories but are not guaranteed in the sale. They will need to be replaced before installation. Common items that are not guaranteed include but not limited too nuts, bolts, links, seals, bushings, ball joints, brackets, bezels, wiring, cables, sensors and other applicable items depending on the part. If they are not serviceable, such as a pressed-in ball joint, they will be guaranteed. We cannot guarantee color on any part we sell.
The purchased item may need to be repainted, refinished, or reupholstered for proper color match. We offer an industry leading 1-year warranty on every part type we sell. All of our engines and transmissions carry a 1-year warranty with optional extensions up to 2 additional years. Claims on engine warranties are limited to manufacturer defects in the pistons, heads, block, crankshafts, rockers, and oil pumps. Though additional parts and accessories may be attached upon purchase, coverage does not extend to sensors, switches, cables, electronics, belts, hoses, water pumps, or manifolds, nor damage caused through overheating or improper lubrication. We can ship anywhere in the 48 contiguous U.S. We do not require a core charge or a return of the old part or engine. Our discounted shipping prices already include a FREE Liftgate service to any residential or commercial location without a loading dock. 100 when you buy the part from a nearby location. The more local you shop, the more you save off the shipping cost. You may return any item in its original condition for a full refund within 30 days of receipt of your shipment, less shipping charges.
