Why did we lose 4 million cars?
The number of cars sold in the US fell to its lowest level in a decade, with the median selling price falling below $25,000 for the first time in 2017.
The average price fell to $25.03 from $26,638 in 2016, according to Automotive News.
The US Auto Industry Association said the average selling price was down by 3.3% from 2016.
It’s the lowest level since 2007.
The decline in the number of vehicles sold was driven by the sharp decline in vehicle volume.
In 2016, the US had about 8.4 million vehicles.
But in 2017, there were less than 5.6 million vehicles in the country.
The number of new cars sold fell to the lowest in five years, according the Automotive Information Institute, which tracks new car sales.
In 2017, a total of 7.2 million new cars were sold.
The industry saw a 5.2% decline in new car orders, or 6.9 million units.
The lowest total of new car purchases in the last five years was in 2014, when the US shipped 7.6 billion cars.
In 2016, there was a slight increase in sales of new vehicles, but it was driven mostly by a rise in the average age of the vehicle.
The average age dropped by about 0.4 years from the year before to 17.9 years, the Automobile Association said.