Cox Automotive figures Americans will buy 15 million new vehicles in 2023—800,000 more than it forecast in January.
“We’re confident there will be no recession in 2023,” says Cox Automotive’s chief economist, Jonathan Smoke.
After bumping near the $50,000 level late last year, the average price of a new vehicle has tamed so far in 2023, to $48,528 in May.Is the US economy heading for a recession by this winter or merely a “soft landing,” after 10 straight interest rate increases by the Federal Reserve? Consumers and politicians alike want to know.are any indication , the soft-landers have it.
“We’re confident there will be no recession in 2023,” says Cox Automotive’s chief economist, Jonathan Smoke. “The negatives have bottomed out.”
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