Edmunds Forecasts 16.4 Million New Car Sales in 2014


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    Edmunds forecasts 16.4 million new car sales in 2014. | October 09, 2013

Just the Facts:
  • The U.S. auto industry's new-vehicle sales in 2014 will reach their highest level since 2006, hitting 16.4 million units, Edmunds predicts.
  • An aging fleet is forcing buyers back into the market.
  • However, the projected 6 percent growth rate would be the smallest increase since auto sales bottomed out at 10.4 million vehicles in 2009.

SANTA MONICA, California — The U.S. auto industry's new-vehicle sales in 2014 will reach their highest level since 2006, hitting 16.4 million units, Edmunds predicts.

That would be the highest total since 16.5 million vehicles were sold in 2006. Edmunds forecasts new car sales will come in at around 15.5 million vehicles this year.

"The average age of all light vehicles on the road climbed to 11.4 years in 2013, and an aging fleet will continue to force buyers back to the market next year," said Edmunds.com Chief Economist Dr. Lacey Plache. "With used car prices still elevated over past norms and used car supply still tight, the new car market will remain attractive to many of these buyers."

However, the projected 6 percent growth rate would be the smallest increase since auto sales bottomed out at 10.4 million vehicles in 2009.

"The economy has not yet improved for recovery to widely reach the groups hardest hit by the recession, including young people, lower income households and small businesses," said Dr. Plache. "Even though auto sales from these groups have improved from recession lows, their participation in the recovery still lags the rest of the market."

Edmunds says: Pent-up demand will continue to spur auto sales next year.

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