Analysts expect new-car sales in the US to surpass 15 million units in 2013, due to low interest rates, replacement demand and compelling product introductions and redesigns.
“These factors have kept vehicle sales moving forward despite powerful economic headwinds, and Kelley Blue Book analysts believe demand will remain strong enough to drive sales even further along next year,” said Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book.
Analysts also highlight several economic conditions which led to the conclusion that the auto market in 2013 will regain its strength. One of these conditions is the fact that unemployment dropped to 7.8% last month, so only 3 million people are now unemployed, compared with 146 million in 2006. The Consumer Confidence Index is now at 70.3, and analysts believe that it needs to be above 100 and the unemployment rate below 7% foe the US industry to support sales of more than 16 million units.
Although current economic conditions are less than favorable, their direction is upwards and industry continues its recovery. Analysts believe than in 2013 between 300,000 and 500,000 customers will enter the US market, due to the rebound in leasing that begun in 2010.