Used vehicle sales skyrocketed during the recession, but TrueCar.com’s analysis of September sales shows that new vehicles are making a comeback. New light vehicle sales for September 2011 are up 10.1 percent from the same month in 2010, and retail sales are up 10.7 percent over last year. The growth seems to be slow, month-over-month, however, as retail sales only increase 0.2 percent since August.
“New vehicle sales are doing particularly well, even with worries of a recession and another wild month for the financial markets in September,” said Jesse Toprak, the vice president of industry trends and insights for TrueCar.com. “If the current trends hold, we expect 2011 total new light vehicle sales to be 12.75 million units – up 10 percent from 2010.”
On the other hand, used vehicle sales are down 5.4 percent from last September and have dropped nearly 1 percent from August’s numbers. The upward trend of new car sales may indicate that overall interest in used vehicles is declining, which means that price tags could drop for used vehicles. If this happens, car buyers should take advantage of the savings.
This is also a good time to apply for an auto loan, as interest rates are currently low. Even if you’re not quite ready to buy a car, you can still secure a loan to lock in a low rate.