U.S. Vehicle Sales (April 2026)

U.S. Vehicle Sales Remained Stable in April

• U.S. vehicle sales fell 1.5% month on month (m/m) to 15.9 million (annualized) units in April, coming in marginally below consensus expectations for 16.0 million units.
• Unadjusted sales volumes were 1.36 million units – 6.9% below April 2025 levels. The average daily selling rate (DSR) was 52,383, coming in below the year ago level of 56,293. 
• Passenger vehicle sales were down 9.8% year on year (y/y) while sales of light trucks fell 6.4% y/y. Light trucks accounted for 83% of last month’s sales, roughly equal to their year ago share.   

Key Implications

• Vehicle sales fell modestly month-on-month in April but remained stable overall. While sales paled in comparison to the 17.1 million reading recorded in April 2025, the year-ago readings continue to be distorted by the pre-tariff buying surge recorded last spring. Elevated economic uncertainty related to the conflict in the Middle East has resulted in a holding pattern for sales, with offsetting headwinds and tailwinds sustaining vehicle consumption trends thus far.
• The biggest headwind is tied to the direct and indirect impacts of the conflict. Gas prices are the main transmission channel with the national average sitting just below $4.50/gallon, which if sustained would be expected to weigh on sales over the coming months. Indirectly, the shift towards a neutral monetary policy stance has kept vehicle financing rates elevated, with the national average rate 50 basis-points higher compared to the end of last year. Strong tax refunds and resilient financial markets have provided offsetting tailwinds, but easing geopolitical tensions will be required to prevent a broader deterioration in vehicle sales for the year.       

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