New car unit sales for March 2023 totaled 10,732 units, this is a drop of 454 units or -4.1% compared to a year- over-year basis of March 2022. It is an increase of 1,423 or 15.3% compared on a month-to-month basis of February 2023. This is the fifth consecutive month of decreases in sales.
Still, new car sales for March 2023 were higher than pre-pandemic levels in 2019. In 2019, march sales totaled 9,307 units, when compared, this is a 15% increase. Sales of cars hit record highs in the past years due to low interest rates, high consumer confidence and more money in the economy. Since then, interest rates have increased over 9 times while consumer confidence starts to loom. Also, problems with inventory continue to hurt some models and brands.