Trucks, SUVs highlight US auto sales
Posted on Monday, March 17, 2014 at 9:11:48 AM
Buyers with access to affordable auto financing have made their preferences known over the past several months, with U.S. vehicle sales data indicating a strong desire for trucks, SUVs and crossovers instead of the once-supreme cars.
According to the Detroit Free Press, analysts have pointed to this trend as one reason why recent sales numbers may have looked slow. In addition, gas prices have been relatively favorable, meaning many people aren't afraid to invest in larger vehicle options. However, buyers leaning one way or another are often closely linked to the economy, and when affordability tightens cars tend to regain the top spot on the sales list.
Moreover, recent figures have also indicated a strong desire for used vehicles in February, according to the National Automobile Dealers Association.
"Used prices grew by 0.7 percent over the first half of the month, but more favorable weather over the second half of the month allowed prices to grow 2.2 percent by month's end, which is in line with NADA's forecast of 2.1 percent," said Jonathan Banks, executive automotive analyst of NADA Used Car Guide.
While demand in used autos is currently up, NADA does expect this to decline alongside traditional seasonal shifts in the coming months.