US sales: in November, consumers spent $1 billion per day on cars image

Consumers spent an average of $1 billion per day on new cars and trucks in November according to J.D. Power and Associates, a record for the month.

Through the first half of November, the average transaction price for new vehicles was $30,079. That was an increase of $461 from November 2012, according to J.D. Power and LMC Automotive.

Between higher unit sales and higher transaction prices per unit, consumers were expected to spend about $30 billion on new vehicles in November, 10 percent more than they did in November 2012 — and nearly double the level of November 2008 as the recession took hold, analysts said.

With one month to go in 2013, forecasters reported U.S. auto sales this year should beat 2012 by more than 1 million units or about 8 %, to a total of around 15.6 million cars and trucks. U.S. auto sales were about 14.5 million in 2012, up 13 % from 2011.

For the month of November, U.S. auto sales were expected to be about 1.2 million units including retail and fleet sales, an increase of about 6 percent from November 2012, analysts said. predicted November sales would be the best for November since 2003 at about 1.2 million units, an increase of about 6 % from November 2012. That translates to a Seasonally Adjusted Annual Rate of sales of 15.8 million. The SAAR is an estimate of what sales would be for an entire year based on the sales rate for a single month, adjusted for seasonality.

Via Forbes