November US Auto Sales On The Wild Side
After five years of steady recovery the US auto industry is on a seemingly unstoppable roll. With the cost of a barrel of crude falling off at rate harkening back to the 1986 oil market collapse, consumers have more spending power and are buying new vehicles at a rate not seen since the earliest years of the post-millennium boom.
In November US auto sales reached an annualized rate of 17.1 million units, which if sustained, translates into nearly 6 percent of Americans buying a new car every year — an astounding economic benchmark!
Overwhelmingly Americans are buying smart new variants of the SUV. Now instead of lumbering gas-guzzlers the marketplace is full of fuel-efficient and astutely designed crossovers like the Ford Escape, Chevy Equinox, Jeep Cherokee, Nissan Rogue, Toyota Rav4 and the Honda CR-V.
Even the big gas-powered Chevy, Ford, Chrysler and Toyota pick-ups and full sized SUVs, which are the biggest overall sellers, are getting mileage well into the 20 mpg range and offer premium amenities and superior quality.
From economy cars to super luxury exotics…we may be witnessing the new golden age of automobiles!
This is George Polgar of GT Marketing for KYW News Radio