New car sales remain sluggish in Hawaii after hitting extreme lows during pandemic

HONOLULU (HawaiiNewsNow) – The most recent Hawaii Auto Outlook report discovered that new automotive gross sales within the state fell within the first half of 2022.

The brand new report, sponsored by the Hawaii Car Sellers Affiliation, mentioned that new automobile registrations fell 9.1%.

Nonetheless, in comparison with remainder of the nation, Hawaii’s drop in gross sales isn’t as unhealthy. Nationwide numbers for brand spanking new automobile registration are down nearly 18%.

“Auto Outlook estimates that 17,400 new automobile purchases have been postponed for the reason that onset of the pandemic and ensuing automobile provide shortages. This can present a lift to gross sales for an prolonged interval,” wrote creator of the report, Jeffrey Foltz.

Whereas there’s quite a lot of pent up demand, affordability has tanked — and the latest enhance in rates of interest probably isn’t serving to. Tight stock can be taking part in a task in gross sales because it’s troublesome for some to get the automobile they need in a well timed method.

On prime of all that, provide chain points and the microchip scarcity are nonetheless inflicting issues and elevating prices.

Whereas the report says many households noticed a rise of their web value, the quantity of disposable earnings individuals have is getting used on rising gasoline value and different inflation-related month-to-month bills.

Fuel costs in Hawaii are at $5.35 as of Tuesday morning, in comparison with the nationwide common at $3.95.

In the meantime, hybrid and electrical automobile gross sales proceed to develop in Hawaii. Hybrid automobile gross sales are up 8.3%, electrical automobiles up 7%, and plug in hybrids up 1.9%.

The outlook notes {that a} lag in DMV reporting final yr — as a result of pandemic, impacted Hawaii figures with regard to comparisons with the earlier yr.

Learn the total report beneath:

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