While Augusts’ sales declined mildly – mainly due to the loss of a selling day – the consumers were relentless and didn’t mind the recent stock market routs triggered by the worldwide issues.
With the seasonally adjusted rate now at 17.8 million units, analysts and industry observers expect the year to be the best in more than a decade. And even possible deterrents such as the turbulent stock markets don’t seem able to fend off the increased consumer confidence. Additionally, experts add that car sales and the internal well being of the economy share a greater historical link than equity markets. Additionally, unemployment continues to slide, the interest rates as well and fuel prices are at the lowest levels in years.
And the increase in demand is pondered by an equal shift away from small cars, hybrids and other green vehicles these past few months. One notable exception of fuel economy technology that still remains interesting is the demand for the EcoBoost engines from Ford – but that could be attributable to the fact they can also be found in the top selling F-Series range. Overall, the electric vehicle segment for example “continues to dip in sales as well as average transaction prices, down nearly 3% from just last month,” according to Kelley Blue Book analyst Akshay Anand.
But overall pricing continues to post higher estimated average transaction prices across the entirety of the light vehicle market – tipped at $33,543 in August. As far as passenger cars are concerned, the tally has grown $1,107 or 3.4% from August last year, with light trucks and performance cars showing a robust price increase.