Low gas prices and falling unemployment have improved consumer confidence, which has translated to a very good start to 2015 auto sales across the country. AutoData Corp. recently reported a seasonally adjusted annual rate (SAAR) 16.66 million vehicles for January 2015, the highest level in nine years. The 2015 Automotive Buyer Influence Study, produced by Autotrader.com, provides further proof that the rise in consumer confidence is having a positive impact on automotive sales. According to the study, 61% of recent new car buyers reported that they purchased their latest vehicle due to a want, not a need.The study, comprised of surveys of more than 2,300 new and used car buyers, also found that the 64% of new car buyers researched vehicles first, and then set their budget. When new car buyers begin the shopping process, 63% do not have a specific make/model in mind.
Global Auto Sales Predicted To Hit 88.6 Million in 2015
Global automotive sales for 2015 could hit 88.6 million vehicles, a 2.4% increase from 2014 that would continue a five-year growth streak, according to IHS Automotive. The increase is expected to be primarily driven by sales in the United States and China.