New-vehicle sales in Colorado decline in Q1

DENVER — New-vehicle sales in Colorado were down 10% during the first quarter of 2022 compared with the same period of 2021. While down, sales were still better than nationwide, which experienced a 14.9% decline during the quarter.

Sales numbers came from the Colorado Automobile Dealers Association, which reported that light-truck sales, including sport utility vehicles, which tend to dominate the Colorado vehicle marketplace at 86.3% of the market, were down 10% in the quarter. A total of 46,697 light trucks were sold, versus 55,213 for the same period last year.

Likewise, new cars were down 10.3%.

Regionally, Northern Colorado saw a decline of 9.2% in all new-vehicle sales during the first quarter. The Denver metropolitan area saw a 7.9% decline, while southern Colorado saw a decrease of 11.2%, and the Western Slope had a decrease of 12.3%.

Of the top 25 counties for sales, only one, Pitkin, saw an increase in sales, at 9.6%. Weld sales dropped 8.1%, Boulder 12.5%, Broomfield 12.7% and Larimer 18.9% below sales in the same quarter of 2021.

Colorado vehicle owners are increasingly interested in hybrid and electric vehicles, according to the CADA report. The state witnessed large market share increases during the period. Specifically:

• Hybrid-vehicle market share increased to 8.8.% in the first quarter on 5,085 registrations versus 3,996 in the same period 2021.
• Battery-electric vehicles’ market share reached 6.3% in the quarter on 3,605 registrations versus 2,818 in the same period 2021.
• Plug-in hybrid vehicle market share was 2.3% in the first quarter, with 1,299 registrations versus 781 registrations in the same period 2021.

“Colorado’s new vehicle market and registrations continue to reflect the country’s sagging economy and the auto industry’s on-going supply chain issues,” CADA president Tim Jackson said in a written statement. “Meanwhile, price increases, higher interest rates, lean supplies, and higher gas prices have put pressure on the overall market. On the upside, consumers still show pent-up demand for new vehicle products along with an uptick in interest for electric vehicles.” 

The five top-selling brands in Colorado are Toyota with 14.9% share, followed by Ford (11.6%), Subaru (8.6%), Jeep (6.2%) and Honda (6.1%).

Top-selling models are the Ford F-Series (4.4%), Ram Pickup (4.1%), Toyota RAV4 (3.9%) and Toyota 4Runner (3.2%).

Genesis led the largest registration increase at 121.37%, followed by Maserati at 69.2%; and Volkswagen at 37.9%.

Used-vehicle registrations in the state declined 2.3% in the quarter, less than the 10% decrease in the new vehicle market. Late-model used vehicles are defined as those models that are seven years old or newer.

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