The Colorado Automobile Dealers Association (CADA) released its Third Quarter 2022 “Colorado Auto Outlook,” reporting the new vehicle market declined 14.5 percent in the first nine months of 2022, versus the same period in 2021. Comparatively, Colorado’s Third Quarter decline in new vehicle registrations fared better than the U.S. market, which declined 16.9 percent through the same period.
Light Truck Market decline 13.8 percent
The light truck market (including SUVs, pickups and vans) held an 86.4 percent dominant share of the total Colorado vehicle market. Meanwhile, registrations were down 13.8 percent in the Third Quarter on 138,119 light trucks sold, versus 160,158 for the same period last year.
New Car Market decreased 18.8 percent
The new car market share made up 13.6 percent of the total Colorado vehicle market on 21,808 registrations, versus 26,851 in the same period last year, for a drop of 18.8 percent.
Electric and Hybrid Vehicle Market shsre increased in thrid quarter
- Hybrid Vehicle market share increased to 8.7 percent in the Third Quarter 2022 on 13,959 registrations, versus 12,924 in the same period 2021, for an eight percent, year-over-year, increase.
- Battery Electric Vehicles (BEV) market share reached 7.2 percent in the Third Quarter 2022 on 11,458 registrations, versus 8,120 in the same period 2021, a 41 percent, year-over-year, increase.
- Plug-in Hybrid Vehicle (PHEV) market share was 2.4 percent in the Third Quarter 2022 on 3,803 registrations, versus 3,165 registrations in the same period 2021, a 20 percent, year-over-year, increase.
CADA President Tim Jackson said, “The good news is Colorado’s new vehicle market continues to outperform the U.S. market. Other positives are a continuing pent up demand for new vehicles, along with expected improvement in the automotive supply chain in the next 12 months, which can encourage manufacturers to lower prices on new vehicles to move more sales. On the flip side of the coin, we expect that surging inflation, elevated interest rates, higher gas prices, and a weakening in consumer sentiment may continue to put pressure on new vehicle sales. Historically, we know that a sagging economy puts the brakes on new vehicle sales.”
Other Highlights Third Quarter 2022 vs. same period 2021
- The top five selling brands in Colorado include Toyota which leads with a 14.8 percent market share, followed by Ford (11.6 percent), Subaru (8.8 percent), Chevrolet (6.4 percent) and Jeep (6.3 percent).
- Market share for the top five selling models in the state are the Ford F-Series (4.3 percent), Toyota RAV4 (4 percent), Ram Pickup (3.9 percent) and Chevrolet Silverado (2.8 percent).
- Among top-selling brands in the state, Genesis led with the largest registration increase at 45.8 percent, followed by Maserati at 39.1 percent and Tesla at 28.9 percent.
- Used vehicle registrations in Colorado were down 11.8 percent, less than the 14.5 percent decrease in the new vehicle market. Late-model used vehicles are defined as those models that are seven years old or newer.
For a more comprehensive look at Colorado’s new vehicle market in the Third Quarter of 2022, please refer to the attached report.
Source: Colorado Automobile Dealers Assoc.
