Everyone makes resolutions that they would like to achieve in the new year. While most of us are trying to shrink down in size at the gym thanks to the copious amounts of food we've consumed over the last few months, the Automotive Industry has made a New Year's Resolution to grow in size. Analysts estimate that automotive sales will total at least 15 million in 2013 and predict a return, albeit slow, to pre-recesssion levels in a few years.
Anthony Pratt, director of forecasting for the Americas at Polk said in a statement last week, "The automotive sector is likely to continue to be one of the key sectors that lead the U.S. economic recovery, however, we don't expect to realize pre-recession levels in the 17 million vehicle range for many years." Some analysts advise that slow sales growth is a result of lingering economic doubts and insecurities. Yet sales could potentially reach pre-recession levels in 2015.
Edmunds.com suggests that the same reasons why new car sales have severely decreased during the recession will now become the motivation in 2013 for growth in sales momentum. Consumers who postponed buying a new vehicle due to fiscal concerns at home will be more inclined to purchase a new vehicle this year.
After years of waiting, why now?
- Greater access to credit and 0% APR auto loans. Banks and other credit institutions are more willing to lend
- A large number of car leases will expire in 2013, which means a large number of lessees will return to the market
- The average age of used vehicles reached 11 years in early 2012 - consumers will be looking to sell their used car, trade-in, and/or buy a new vehicle.
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