The US automotive industry – particularly the new car segment – seems to be picking up steam, and that’s good for the whole economy. Last month, the vast majority of automakers reported significantly increases in auto sales. In fact, the following four companies set best-ever sales records for the month of October:
Additionally, Suzuki, a company which has been seriously suffering in both motorcycle and auto segments, reported a year over year rise in sales for the first time in more than 2.25 years! The US automakers also put up great numbers, with the big 3 (Chrysler, Ford, General Motors) posting increases of 30% or more! For shoppers looking at the used car market for their next auto, this is a good sign. The slowdown in new cars sales has meant fewer cars being funneled into the pre-owned market, which has in turn resulted in increased used car prices. With more people buying new cars, more vehicles will end up on buy here pay here lots, which will reduce scarcity and bring down prices – a win/win for everybody!