Forecast: New vehicle sales to increase in 2014
Posted on Friday, October 11, 2013 at 10:52:12 AM
While the end of summer was marked by particularly strong vehicle sales, the forecast looks even brighter for 2014 as buyer demand is expected to increase.
Those with automotive financing have a variety of options available when choosing vehicles, and confident shoppers are expected to drive next year's positive gains.
In total, more than 16 million new car sales are forecasted, according to Edmunds.com. If that is achieved, it would be the highest annual figure since roughly 16.5 million new vehicles were purchased in 2006.
Several reasons may cause buyers to use their auto financing on new cars instead of used options.
"The average age of all light vehicles on the road climbed to 11.4 years in 2013, and an aging fleet will continue to force buyers back to the market next year," said Lacey Plache, chief economist of Edmunds.com. "With used car prices still elevated over past norms and used car supply still tight, the new car market will remain attractive to many of these buyers."
September was marked by slightly off-pace sales, due in part to the number of selling days August had, according to the International Business Times. That may have driven up the total number.
In addition, the third quarter usually outperforms the last one regardless, the news source noted. Hopefully steady sales will give way to the lofty expectations for 2014.