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July's vehicle sales strongest since 2006

Posted on Friday, July 25, 2014 at 8:25:23 AM

Interest in affordable auto financing and new vehicles has rarely been greater. Sales are surging, and July was another good month for both consumers and the industry.

According to Edmunds.com, the seasonally adjusted annual rate, or SAAR, for new cars and trucks is predicted to reach 16.8 million units in July. If this is the case, it would be the best month since July 2006. In addition to new vehicles, used ones are estimated to hit 3.2 million sales in the month, with a SAAR of 36.2 million units. 

"July's performance is the clearest indication yet that retail buyers are driving market demand," said Jessica Caldwell, senior analyst for Edmunds.com. "Shoppers are looking past news of recalls and rising gas prices and they're finding affordable interest rates and other incentives that make it easier to buy a new car."

Furthermore, TrueCar reported that their forecast for July auto sales is up nearly 10 percent on a yearly basis. The company predicted that Chrysler, General Motors and Nissan will have the strongest year-over-year increases in vehicle sales for the month. Overall, demand is strong for all types of vehicles.