New vehicle sales in the U.S. are expected to have fallen slightly in the third quarter, even with improvement in September. But there are warning signs that consumers’ appetite for expensive new cars, trucks and SUVs may be waning, the Associated Press reported. Edmunds.com says it expects sales to have fallen just under 1% in the period from July through September when the numbers from automakers are totaled up on Monday. Multiple companies reported sales declines for the quarter, with General Motors as a notable exception. However, many said that sales rose in September as shortages of computer chips and other parts started to ease and auto factories were able to produce more, increasing vehicle supplies. But any monthly gain may be short lived due to high prices and rising interest rates. Last month, new auto prices averaged $45,622, the fourth-highest monthly price on record, according to J.D. Power. In addition, auto loan interest rates hit 5.7% between July and September, up from 4.3% a year ago, with terms stretched to average over 70 months, Edmunds said. Still, General Motors managed to lead the industry for the quarter, selling more than 555,000 vehicles, a 24% increase over last year. The company said it saw improved semiconductor supplies, more stable production and increased inventory on dealer lots during the quarter.
