New vehicle sales improved since July, according to the latest report from J.D. Power and Associates. The sales for August are projected to come in around 898,000 units, which is higher than July's numbers, but the global marketing information analyst states that the volumes haven't really budged. If the predictions are accurate, the sales for August will be 6 percent higher than the same month in 2010.
However, the modest changes are leading J.D. Power and other industry analysts to reconfigure their forecasts for the rest of 2011 as well as next year's speculated vehicle sales. Total sales for this year are now expected to reach only 12.6 million units instead of the previous estimate of 12.9 million.
"The economy and automotive industry continue to wrestle with a series of unsettling developments, which are now likely too strong to overcome within 2011," said John Humphrey, senior vice president of automotive operations at J.D. Power. "While it is not time to hit the panic button, it is clear that ascending from the recession is proving to be just as bumpy as the decline into it, and a full recovery in vehicle sales is further down the road than previously thought."
A decline in new vehicle sales could lead to another price-hike in the used car sector, so people who are thinking about buying a used car with an auto loan should consider getting the ball rolling soon to get a good deal.