A strong economy and stable finance rates are expected to help keep the momentum going.
As we’ve reported in recent months, the business environment looks favorable for the automotive aftermarket, and the news seems to keep getting better.
On average, new vehicles are $3,000 more expensive now than they were three years ago, and car shoppers can expect to pay nearly $1,800 more in interest over the course of a five-year auto loan.
Edmunds experts attribute the increase to the ever-growing supply of near-new vehicles coming off-lease, and a greater demand for vehicles of all sizes and ages, thanks to shifting market factors.
Shifts in consumer preferences start at $3.60 per gallon, but $4 is the breaking point, according to a new report from Edmunds.
“Despite rising gas prices, shoppers are clearly demonstrating their confidence in the strength of the economy as they continue to seek out larger, more expensive vehicles,” said Jeremy Acevedo, Edmunds manager of industry analysis.