3 Auto Stocks to Buy Now: June 2024 | Markets

Boding well for the U.S. auto sector, the space’s new vehicle sales jumped 8.8% last month versus April to 1.44 million. The figure also represented a 5% increase versus the same period a year earlier. And for the first five months of the year, sales climbed 3/5% compared with 2023. Meanwhile, the fact that inflation was flat last month, spurring a decline in interest rates, was very positive for the sector.

Not only will easing inflation increase Americans’ spending power when they buy vehicles, but lower interest rates will make purchasing automobiles cheaper for the lions’ share of consumers who take out loans to finance their purchases. Meanwhile, in another piece of good news for the sector, EV registrations jumped 14% in April versus the same period a year earlier to 102,317.

Although the increase was partially spurred by price cuts, the data point shows that many Americans, contrary to the opinion of EV skeptics, are ready, willing, and able to buy EVs. Here are three top auto stocks to buy now.

Carvana (CVNA)

The Street appears to be becoming more bullish recently on online auto dealer Carvana (NYSE:CVNA). CVNA stock jumped nearly 50% between April 17 and June 20, while two banks recently issued upbeat assessments of the company.

On June 10, JPMorgan (NYSE:JPMidentified…

Source investorplace.com

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