US New Vehicle Sales to Fall in December as High Prices Deter Buyers: Report

US New Vehicle Sales to Fall in December as High Prices Deter Buyers: Report
Imported automobiles are parked in a lot at the port of Newark New Jersey on Feb. 19, 2019. Eduardo Munoz/Reuters
Reuters
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U.S. total new vehicle retail sales are expected to decline in December as high vehicle prices and rising borrowing costs pushed consumers to cut back spending, a report from industry consultants J.D. Power-LMC Automotive showed on Wednesday.

“Elevated pricing, coupled with repeated interest rate increases, continue to inflate monthly loan payments,” said Thomas King, president of the data and analytics division at J.D. Power.