This Year Could Be the Biggest Car-buying Year in 15 Years

Automakers could sell more than 17 million new cars and trucks in the U.S. this year, approaching the sales record set in 2000 of 17.4 million, Automotive News is reporting.
Analysts raised their forecasts after a strong July for automakers and new cars that will be reaching showrooms in high-selling segments by the end of the year. Last month was the 18th consecutive month for increasing sales.
Our own Timothy Cain thinks that regardless of the final number, 2015 will be a very, very, very good year for automakers.

Cain writes:
It’s been 18 months since monthly auto sales volume last decreased. That decrease, mind you, was brought about by a slight decline in the lowest-volume month of the year, January. In other words, growth in America’s auto industry is notable both for its rapidity and its consistency. It’s that consistency that makes it hard to believe the current pace won’t continue. Regardless of the outright volume attained by manufacturers competing in the U.S., 2015 will undoubtedly be better than 2014. Already, through just seven months, an additional 434,000 new vehicles have been sold compared with the same period one year ago.
Spurred by cheap gas prices, trucks are pacing the overall market as the fastest-selling segment in the U.S. this year. Sales of trucks grew 13 percent this year.
Automakers such as Honda and Chevrolet will introduce newer versions of their Accord and Malibu respectively in the coming months, and that should further stoke car sales, Automotive News points out.
The Wall Street Journal notes that while new car purchases are happening more frequently, and at higher prices, used car prices are finally starting to dip, which may be a relief to low-cost and entry buyers.
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