Report: Hawaii’s vehicle market still down, but 2023 expected to be better

HONOLULU (HawaiiNewsNow) – Automobiles are a key financial indicator. A brand new report launched Friday morning appears to be like on the well being of Hawaii’s automobile market.

The brand new Hawaii Auto Outlook exhibits that the issues we’ve had all all through the pandemic are nonetheless plaguing the market.

Provide chain points are squeezing inventories, inflation is surging together with rates of interest and client confidence is weak as a result of they’re getting much less bang for his or her buck.

All these components brought on the variety of new automobile registration in Hawaii to tumble by 14% from January by way of September.

The report additionally estimates that betwen 2020 and 2023, about 25,000 automobile purchases have been postponed. That represents 43% of gross sales in a median yr.

A number of automobile salespeople say they’ve prospects ready months — some almost a yr — to purchase a automobile. However, they merely shouldn’t have any out there autos to promote.

It’s onerous to say when these points can be resolved, however analysts imagine subsequent yr can be higher.

Consultants say rising costs haven’t dampened the pent-up demand, which is nice information for automobile sellers.

And for customers, analysts imagine automobile costs will go down as soon as provide chain points enhance.

The report additionally confirmed Hawaii’s hottest make and fashions.

For high model Toyota got here out on high, and for mannequin it’s the Tacoma.

Copyright 2022 Hawaii Information Now. All rights reserved.