U.S. new-vehicle sales posted their best year since the pandemic, and Cox Automotive’s 2025 forecast predicts more growth, including for electric-vehicle deliveries.
2024 ended at about 16 million units in sales, up 2% year-over-year and the highest volume since Covid upended the market, Cox said.
All automakers except Stellantis and Tesla bested their 2023 sales totals, General Motors outpacing them all.
“Cox Automotive is optimistic about 2025, with plenty of reasons to believe it will be the best year since 2019,” said Cox Automotive Chief Economist Jonathan Smoke. “The market is gaining momentum, economic fundamentals are improving, and consumer sentiment is pointing in the right direction.”
It predicts sales will increase 3% this year to 16.3 million units and for used-vehicle sales to rise to 20.1 million, eclipsing the record year of 2021 for used sales, though inventory is expected to remain limited. Meanwhile, a recent global auto sales forecast predicted muted activity.
Cox expects auto loan conditions to continue to improve this year in line with recent approval rate increases and falling loan rates. It also foresees more inventory volume growth along with incentives, all conditions it expects to pump up sales despite still-inflated vehicle prices.
EV sales alone will achieve a new milestone, Cox predicts, representing a quarter of U.S. vehicle deliveries for the first time and making up about 10% of the overall market, up from about 7.5% last year.
Part of the EV sales growth will come from consumers looking to take advantage of federal EV purchase tax credits that are on the incoming Trump administration’s chopping block, along with an expanding charging network, Cox said.
Auto consumer satisfaction is at a record high due to the improving market conditions, based on Cox’s recent research, which found three out of four buyers are “highly satisfied” with the new-vehicle purchase process. It credits in part the “omnichannel” approach many dealers are employing to accommodate changing tastes in car shopping.
