November Brings a Spike in Auto Sales
It seems like November might have been the time to buy a car.
According to Reuters, auto sales in November had the highest annual sales pace at that month since 2003, with total 2014 sales at 17.2 million cars.
Reuters said November sales were 1.3 million.
Marketplace reported that there are three reasons car sales were so high:
1.Cars are back in demand because of a thawing recession
2.“Old-fashioned bargains and promotions’’
3.Gas prices are lower and cars are more fuel efficient than they were a few years ago
The New York Times reported that almost all the major automakers had gains in November, except Ford Motor. (They had a limited supply of F-series trucks.)
This trend in car sales is expected to continue into the New Year.
“Continued improvement in employment, home prices, and confidence levels among consumers, along with moderating fuel prices, should sustain auto industry momentum in 2015,’’ IHS Automotive analyst Chris Hopson told The New York Times.
The Detroit News reported that gas prices will stay below $3 per gallon heading into 2015, which could also encourage car shoppers.
And let’s not forget Black Friday’s impact on car sales.
According to The Washington Times, the National Retail Federation found that sales were down for the rest of retailers in Black Friday sales – but, not for cars. In fact, 25 to 30 percent of November car sales came from Black Friday promotions.
Is this the right time for you to buy a car?
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