Economic crisis?! What crisis?
All the right factors are coming into place. And if the predictions prove true, then new vehicle sales in the US will exceed 17 million units in 2015. That's a 2.6% increase over this year's sales. From one year to the next that's a very significant boost. Remember, that's just for new cars. TrueCar is predicting that total 2015 US car sales, including used, will be more than 55.7 million units. 54 million have been sold so far this year.
"We see a convergence of favorable economic circumstances pushing auto demand up to pre-recession levels, including continued gains in the job market, the best consumer sentiment in eight years and low fuel prices," stated TrueCar president and former Hyundai North America CEO, John Krafcik. The record for annual sales, previously set in 2000, was 17.4 million. Don't believe what TrueCar is predicting? Various US-based mega dealership groups are coming up with the same number based on their own data. New vehicle revenue, based on transaction prices, is also expected to rise, which will thrill automakers. In 2015 it's expected to climb by 5% to $553 billion.
What's more, the average new vehicle transaction price will rise 2.4% to $32,589. The average used car is predicted to cost $16,678, a 2.1% increase. 2014 also saw big sales gains from pickup, SUV, and luxury vehicle sales. Apparently cheaper fuel costs are also helping to fuel (pun intended) automotive sales.