Analysts predict that US auto sales in March have reached the highest level since 2007, as customers were lured by low interest rates.
Analysts expect the total US auto sales to reach 1.5 million vehicles, a number last time seen in March 2009 and almost the double of the 855,000 units sold in 2009, the lowest level during the economic downturn. Sales are seen up 3% to 5% compared with March 2012. Alec Gutierrez, a senior market analyst at Kelley Blue Book, said that the main reasons for this increase are the improving job market, low interest rates and tax refunds (almost $3,000 for the average federal tax refund).
Full-size pickup truck sales have most likely increased 15% as construction companies are replacing their aging truck fleets as their business expands amid an improving economy. Customers are offered a $7,500 cash back for the Chevrolet Silverado pickup, which is boosting truck sales. Crossovers also sell well thanks to the redesigned Toyota RAV4 and Ford Escape.
The best-selling automaker for March is expected to be Honda, with sales up almost 9% and 30% for the redesigned Honda Accord midsize sedan. The Accord is expected to have surpassed the Toyota Camry for the first time since October 2011.