Edmunds.com predicts that in 2013 automakers will sell 15 million cars and trucks, up 4% from the expected sales of 14.4 million for this year.
“This will likely be the first year of non-double-digit sales growth since the recovery began in 2010,” Dr. Lacey Plache, chief economist at Edmunds.com, says.
He added that although the European crisis will continue to affect markets all over the world, including the slowdown of the US economic growth, the positive factors in play now will keep supporting the auto industry in 2013 too. Among these positive factors is the fact that many 2010 leases will reach their termination in 2013, around 484,000 of them.
Edmunds predicts that 2013 new car sales will certainly see a boost because the average age of vehicles currently in operation in the States is 11 years. This means that customers will buy new cars to get rid of the old ones, also encountering a favorable pricing environment.
“With all of the top automakers generally healthy and looking to grow, the potential for supply to outpace demand and lead to lower net prices for consumers is high,” she says.
Buyers will also be helped by the expansion of the prime and subprime credits offered to keep banks flush with cash and increase landing. Although the government relies mostly on the mortgage lending, they also focus on auto loan borrowers too.