Number of vehicles on the road rises
Posted on Monday, November 4, 2013 at 11:26:30 AM
Between both new and used vehicle sales, the number of automobiles on the road is on the rise. According to Experian Automotive, several factors have helped push this figure up to its highest point since 2008.
When purchasing a car, buyers with auto financing have many different options. Regardless of choosing new or used, sales are up and these vehicles are driven for longer. Experian Automotive reported that during the second quarter, there were 247.9 million cars and light trucks on the road.
"During the recession, new vehicle sales dropped, causing challenges for aftermarket companies," said Marty Miller, senior manager for Experian Automotive. "However, the recent uptick in new vehicle sales, combined with more aging vehicles on the road, means these challenges will only be in the short term. As these new vehicles begin to age and enter the prime aftermarket repair years, growth opportunities will rebound."
In addition, recent data from several Asian automakers showed that sales are on the way up, according to USA Today. For example, Subaru's total figure increased 32 percent in October from the same time last year. Also, Nissan reported a gain of more than 14 percent.
For buyers using auto financing, now could be the perfect time to start looking. Sales are starting to rise, and more reliability means vehicles are lasting for a longer period of time.