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New-Car Sales Rise In July According To Various Reports

Aug 09, 2012

July new vehicle sales continued the surge dealers have been experiencing so far in 2012, with total new car SAAR expected to hit 14 million for the month, according to the Kelley Blue Book. J.D. Power also predicts July new vehicle retail sales to come in at 969,200 units and total new vehicle sales to reach 1.17 million, which would result in a SAAR of 14.0 million. Analysts at echoed J.D. Power’s prediction of 1.17 million new cars sold for July, a 10percent increase from July 2011.What is pushing the Sales Growth? Ongoing, pent-up demand is driving the continued growth in sales, according to analysts. Many shoppers delayed vehicle purchases during the height of the past recession, pushing the average age of vehicles on the road to 11 years. In a second quarter Consumer Sentiment Survey conducted by Kelley Blue Book Market Intelligence, 30 percent of all consumers in the market to purchase a new vehicle said the primary reason they were shopping was because their existing vehicle’s mileage was too high. Incentives, cash rebates, low interest rates and lease deals are also bringing consumers into showrooms at a very good pace.