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hen all is said and done, and the final numbers are tallied, 2012 automotive sales in NewJersey are expected to be the best they’ve been in a decade. Through November, sales in NewJersey were up 5% over the same period time last year, building on the 9% increase we saw from 2010 to 2011. Based on information from Auto Outlook and Experian Automotive, NewJersey dealers will finish 2012 at 78% of the all-time high achieved in annual new vehicle sales, 575,000, set in 2002.
Experts predict that sales in New Jersey will continue to climb in 2013 as the nation’s economy continues improving and consumers become more comfortable with replacing their aging vehicles, as well as cars and trucks damaged as a result of Hurricane Sandy.
Auto Sales Look To End 2012 On A High Note
Although automotive sales were on a roller coaster ride in November, with Hurricane Sandy impacting the beginning of the month and Thanksgiving Weekend sales boosting sales at the end of the month, December sales are expected to end the year on a high note, according to industry reports. Edmunds reports that nearly 40% of December’s vehicle sales are expected to occur during the last eight days of the month.
According to Edmunds, retail sales in December are expected to be around 1.12 million units, with a seasonally adjusted average of 12.6 million vehicles sold in 2012.
Used-Car Values Continue to Drop
After Hurricane Sandy hit in early November, dealer demand for used cars went through the roof as consumers who lost vehicles in the storm were looking to replace their cars and trucks.
Typically, when the supply of used vehicles is low, prices begin to rise and used vehicle values DID increase in the weeks following the storm, but have quickly returned to a normal seasonal depreciation pattern the industry sees this time each year.
While values have lowered slightly, the declines aren’t nearly as drastic as they were in 2011. According to industry reports, values declined 0.8% in November, compared to a 1.7% decrease in November 2011.