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New Vehicle Sales Could Hit 16.4 Million In 2014

Oct 18, 2013

The latest projections from says 2014 could be the best year for new vehicle sales since 2006, potentially hitting 16.4 million vehicles sold driven by an expected 300,000 additional lease returns.The average age of all light vehicles on the road has risen to 11.4 years in 2013, and that aging fleet will continue to force buyers back to the market for the foreseeable future. The used vehicle market, with a tight supply, is still seeing prices rise which is driving consumers to purchase more new vehicles.Edmunds anticipates the industry will end 2013 with approximately 15.5 million new-vehicle sales, with upwards of 500,000 lease returns for the full-year.In other auto sales news, J.D. Power and Associates reported a Seasonally Adjusted Annual Rate (SAAR) of 15.2 million vehicles following September 2013 sales, up from 14.9 million SAAR in September 2012. That being said, vehicle sales in September were actually down slightly compared to last September.Traditionally, the auto industry “cutoff” for monthly sales is always on a weekday. Since August 31, 2013 fell on a Saturday and Labor Day fell on a Monday, August auto sales actually ran through Tuesday, September 3, 2013. September auto sales ran from September 4, 2013 through September 30, 2013.