THE CAR COACH REPORTS:
WHAT RECESSION? EDITION
15.3 million. That's how many light vehicles JD Power and Associates predicts will be sold this year: http://www.autonews.com/apps/pbcs.dll/article?AID=/20130222/RETAIL01/130229959/u-s-auto-sales-remain-robust-despite-rising-fuel-prices-looming#axzz2LeAhd6Zo
This is up from 14.5 million last year. Let's put this in perspective, shall we? This is roughly the equivalent of everyone in North Carolina AND South Carolina buying a new car, including children!
Considering the average price for a new car is just a smidge above $30,000 these days, this equates to roughly $460 billion spent on new cars and trucks in 2013. Keep in mind this does NOT include heavy-duty vehicles.
So where is all this dough coming from? Isn't unemployment high and the economy on the rocks? Car buyers surely wouldn't tell you as much. Essentially, it seems consumers are ignoring the doom and gloom and are doing what makes them happy. Bravo, I say. New and used car sales help the economy and many are buying more fuel-efficient vehicles, which saves at the pump and makes OPEC quake in their shoes.
Additionally, now that banks have relaxed their loan standards a bit, car buyers are finding it easier to obtain financing. Remember 2009 and 2010 when you had to have an 800 credit score just to get a loan? Hopefully those days are gone for good.
It's nice to see the auto industry back on its feet and consumers buying cars again. It keeps the money flowing all around and contributes to new car models and innovation.
Now only if things would improve in Europe so they can follow suit.
What are your thoughts?
Post your comments at http://laurenfix.blogspot.com/
My Final Thought:
This is the vehicle equivalent of a Turducken: http://jalopnik.com/it-s-a-truck-carrying-a-truck-carrying-a-truck-carrying-253309099
I love this for its absolute insanity and for the fact that the driver pulled it off...almost.
See you next week! Love your car!
--Lauren Fix
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