Are New Yorkers Really Buying Cars in Droves Now"
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A skeptical look at the so-called Vroom Boom. New York is one of the few American cities where you don?t have to own a car. But during the pandemic, there were lots of trend stories ? see Vice, the Wall Street Journal, the New York Times ? written about how the city?s residents were abandoning mass transit for car ownership. And, like the stories about the residents ?fleeing to the suburbs,? it seems at first to make sense on some intuitive level. To support it, car dealers have given breathless accounts of barren showrooms and lots, and the state?s DMV registry reports an 18 percent increase in original car registrations over June and July compared to the same time last year. Used cars are so hot right now that they?re actually appreciating in value. But is New York City becoming a car town in a way it never has been before" The ?Vroom Boom? narrative, as the Times called it, needs an asterisk ? a car caveat. While the summer months have seen an elevated number of car registrations, there was a historic drop in the spring. According to data compiled by IHS Markit, car registrations in the New York metro area (so, including the suburbs) compared to 2019 were down by 75 percent in March and 74 percent in April. Car registrations rebounded in June to the tune of a 2 percent increase, followed by a 9 percent increase in July.
?I use this data a lot, and I?ve never seen this before,? said Tom Libby of IHS Markit. ?It?s unheard of. It?s extremely unique...
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