Tag Archives: May

How Will May Auto Sales Stack Up?

Every month seems to have the obligatory article about how well the auto industry is doing. There have been months of happy reporting about sales increases here and demands increasing there. It is a success story that is an easy topic. The question has always been, though, at the back of my mind how long that luck will hold out. I’ve wondered what the industry was doing to make sure that this increase in sales is the new standard and not just a moment in time. May could be the month that puts all of this progress to the test.

Auto Finance News posted an interesting read that posed that very question. The month of May was a bad month for the economy. The jobs reports that come out were dismal with only 69,000 jobs added, making it the weakest monthly growth in a year. It was bad enough that the report raised the unemployment rate up to 8.2 percent from 8.1 percent, but additionally, the confidence of the US consumer fell from 68.7 percent in April to 64.9 percent in May.

The question remains if this is going to have an impact on the upward swing of the auto industry. May is a notorious month for strong sales, so this might just be pessimistic thinking. I like to think that the industry is doing a good job of riding the wave, especially with many of them such as Chrysler making sure to keep people engage by bringing out new products like the Dodge Dart. Edmunds also made the prediction that car sales in the month of May would increase by 30 percent due in part to light vehicles continuing to sell well. Only time will tell if the rough economic reporting this last month is going to make a dent in the comeback story of the auto industry.

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Gas Prices Equal Increase in Used Car Sales

Gas prices may be on the rise, but apparently that’s not going to make an impact on used car sales according to predictions by the National Automobiles Dealers Association (NADA).

The expectation is that the average gas price will peak at $4 a gallon this May.  Normally, when gas prices are high, the average consumer didn’t like getting a car loan to buy a used car.  This year, however, seem to be an exception of the rule.

Jonathan Banks, an analyst with NADA Used Car Guide, says that the rise in gas prices won’t make that big of an impact in their decision.  “Considering consumers have become accustomed to gasoline prices that averaged more than $3.50 last year, this time around we don’t expect to see dramatic shifts in the shopping behavior of consumers for more fuel-efficient vehicles when prices approach the $4 mark.”

He continued on to say that compact cars will be seeing a raise in demand while the SUV, notorious for gas-guzzling, will see a drop.  This is highlighted by the sales in February which were at a four-year high.  Compact vehicles especially are seeing a boost by 16 percent.

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Image: Michelle Meiklejohn / FreeDigitalPhotos.net