Key auto trends in 2016 [Video]
Posted on Monday, February 8, 2016 at 11:28:02 AM
At the start of every new year, industry experts predict the biggest trends in autos and auto sales. Detroit Free Press, reporting from the North American International Auto Show in January, issued their own predictions for key auto developments in 2016.
Used car sales are expected to regain their edge. Though they lost some of their luster in 2015, particularly as unprecedented incentives helped to persuade drivers to purchase new vehicles, more than 3 million used cars will hit the market this year. That will make for the biggest used car inventory since 2004.
Millennials - particularly those with auto financing - will play a big role in purchasing those vehicles. Brian Moody of Auto Trader told the Free Press that more than 77 percent of millennials are willing to consider buying a used car, compared to just 61 percent of non-millennials.
The evolving partnership between the auto industry and Silicon Valley is another key trend. The two former competitors appear to have set aside any past animosity. Deals like General Motors' $500 million investment in Lyft and Ford and Toyota announcing plans to install Apple Car Play and Android Auto as infotainment options indicate a new age of auto-tech cooperation has arrived.