Cars sales hit a record low in 2020: Seattle Times
Seattle: Seattle’s annual car sales hit the lowest level since 1990, according to the latest numbers released by the National Association of Realtors.
The NAR said in a statement Thursday that it was “surprised” by the sales decline, but that the numbers don’t mean much since many new cars are still being sold in Seattle.
“This is an ongoing story,” said Kevin Cavanaugh, NAR’s director of research and analysis.
“We’ve seen a lot of activity over the past few years, but it’s still an anomaly, and it’s likely to continue to trend downward.”
Sales fell for all models except midsize sedans and compact SUVs, which fell by more than 20 percent.
The NAR report said that the trend of lower-priced cars, such as midsize crossover models, also dropped, while luxury models such as the Rolls-Royce Phantom and Bentley Continental rose.NAR’s figures also found that more than 30,000 new car sales were recorded in 2020, an all-time record.
The previous record was set in 2009, when 33,000 sales were reported.
According to NAR, the city’s annual vehicle sales were up nearly 4 percent year-over-year in the first quarter of 2020.
The city recorded more than 2 million new car registrations, up from 1.9 million in the same period of last year.
Seattle has become a hub for luxury car sales in recent years, with more than 4,500 luxury SUVs and luxury cars making the trip to the city each day.
The luxury car industry has also made a major comeback in the last year, as more consumers have begun to pay more attention to luxury cars, which were among the top-selling vehicles in the U.S. in the past.NARS said the numbers were based on data from July to September, when the NAR had to turn over data to the National Highway Traffic Safety Administration to determine the number of fatal car crashes in the city.
Nars annual survey of local car buyers found that about 30 percent of buyers said they were looking for a new car and about 12 percent were considering buying a new vehicle after seeing an ad online.
The survey also found nearly half of buyers would pay more for a brand-new vehicle than for a used one.