Sales of new vehicles falling

Sales of new vehicles declined 11.3% in the first half of 2022 compared with the first half of 2021.

The Colorado Automobile Dealers Association tracks sales statistics in the state and released its second-quarter Colorado Auto Outlook report today.

While auto registrations were down, the state fared better than the nation, which was down 17.9%, according to the report.

Colorado sales are dominated by the light-truck market, which includes pickup trucks, vans and sport-utility vehicles.

About 84% of all new-vehicle sales are in the light-truck market, and in the second quarter, that segment was down 11%, with 45,064 light trucks sold, compared with 51,292 for the same period of 2021.

New-car sales, not including light trucks, dropped 12.6% with 7,111 new cars registered compared with 8,392 in the second quarter of 2021.

Interest continues to grow for electric and hybrid vehicles. According to the report:

Hybrid-vehicle market share increased to 8.7% in the second quarter on 9,580 registrations, versus 8,186 in the same period 2021.

Battery-electric vehicles market share reached 6.4% in the quarter on 6,975 registrations, versus 5,146 in the same period 2021.

Plug-in-hybrid-vehicle market share was 2.5% in the quarter on 2,708 registrations, versus 1,790 registrations in the same period 2021.

“While new vehicle registrations are down in Colorado for the period, the state continues to outperform the U.S. market,” Tim Jackson, auto dealer association president, said in a written statement. “Further, considering that new vehicle inventories at dealers statewide are exhausted, there is a silver lining. All three categories of big battery (electrified) car sales are up. … Meanwhile, major impacts on the market are seen in lean supplies, the continuing microchip storage and pandemicrelated supply issues. Other factors for sluggish sales are related to price increases, higher interest rates, and higher gas prices. Finally, we know from historic records, new vehicle sales decline during economic downturns.”

Other highlights:

Toyota remains the top selling brand, with 14.7% market share, followed by Ford at 11.3%, Subaru 8.9%, Jeep 6.3% and Honda 6.1%.

The Ram pickup remains among the top-selling models in the state at 3.9%. Ford F-series is also at 3.9%, with Toyota RAV4 at 3.8% and Toyota 4Runner at 2.9%.

Fastest-growing appears to be Genesis with a 97.7% increase, Tesla at 31.5% increase, Hyundai at 29% and Mini at 20.7%.

Used-vehicle registrations were also down at a 7.1% decline, which is less than the new-vehicle decline.