Back in the glory days, the automotive market boomed. Vehicles flew off the lot and finance rates were climbing. Then, came the economic recession that had car owners holding on to their cars a little longer, stalling new car sales, and making older vehicles more obscure and harder to get. Automakers had to slash prices, offer more incentives, and drop interest rates in order to get the customer through the door. Yes, it was a dark time for the automotive market.
It seems, however, that the market is turning around. The Wall Street Journal is reporting that automotive sales are at the highest they have been since 2001 suggesting that consumers are ready to spend their hard earned money on a new car again. The automotive industry is on its way to deliver over 17 million vehicles this year thanks in large part to Chevy and Chrysler. Analysts have forecast 1.59 million vehicles sold in the month of May, which is down 1% from the same month last year, but still the market is ahead of the game.
The fall of gasoline prices early in the year may attribute to some of the increase in auto sales, as well as the auto shows that debuted the hottest new cars on the market around the world. There is also report that Memorial Day sales have helped to offset some of the increase in fuel prices in the month of way as well. The industry expects to see a small fall off over the months, but still anticipate they will reach the 17 million in sales that has been forecasted.
Raleigh Chevrolet tells us that with consumer enthusiasm rising, new software and hardware updates for many new vehicles this year, more consumers with older vehicles needing to upgrade, great incentives, lower fuel prices, and better leasing options, automakers anticipate sales to close strong for 2015. Best selling vehicles for 2015 include the Ford F-150, Chevrolet Silverado, and Jeep Wrangler. Automakers are having a hard time keeping the car lots full with these vehicles.
With a surge in leasing and lower used car prices showing up on the lots (which hasn’t happened for a while), 2015 is sure to be a strong finish for the automotive industry. The used car market is expected to become flooded as leases surge in the industry, which is good news for consumers in the market for a pre-owned or certified pre-owned vehicles. Overall, 2015 is expected to hit pre-recession numbers.