Winter weather slows deals, but favorable conditions remain
Posted on Friday, January 31, 2014 at 9:28:23 AM
January's woes could equal February's gains. The cold weather experienced this past month has led to lower auto sales throughout the U.S., but that means pent-up buyer demand could boil over soon.
According to Edmunds.com, a forecasted 1,036,533 new cars and trucks are expected to be sold in January, which would be a projected decrease of 23.6 percent month-over-month. Even so, there are still plenty of deals available to buyers, including affordable auto financing.
"Even though 2013 year-end sales events have long passed, market conditions remain quite favorable for buyers," said Edmunds.com chief economist Lacey Plache. "In particular, interest rates, monthly lease payments, and trade-in values are all at some of the best levels expected for the foreseeable future."
In addition to favorable buying conditions, buyers have also found new ways to shop. According to a study by Placed Inc., many people have turned to their smartphones as a means to find a new car. In fact, 63 percent of study participants noted that they perform research and make decisions on their mobile devices at the dealership itself. What's more, 81 percent overall have adopted this method throughout their entire search process.