Cars sales still sizzle, but higher interest rates loom - Detroit Free Press
Americans are buying new cars and trucks at the strongest rate since 2001 and spending more on pickups, SUVs and luxury models. But for now manufacturers and dealers can party like it's 2015. This will be the sixth consecutive year new vehicles sales have increased, with the National Automobile Dealers Association revising its 2015 forecast upward to 17. 2 million. The big gainers in June were Fiat Chrysler Automobiles (up 8 %) and Nissan (up 13%). Ford sales rose almost 2% while General Motors' fell 3%. Toyota's sales increased 4% across its Toyota, Lexus and Scion divisions as sales of its light trucks... Volkswagen was up almost 6%. Subaru sales rose 7. 2% on the strength of a 45% increase in its Legacy sedan and a 6% gain for its best-selling Forester SUV. "Demand for SUVs and trucks continue to drive the market, which resulted in several top automakers posting higher sales in the month of June," said Kelley Blue Book analyst Mark Williams. "Transaction prices continue to climb, increasing 2. 5% in June from last year, bringing the average up to $33,340. " That would be $821 higher than a year earlier. Morgan Stanley analyst Adam Jonas expects auto sales to remain strong through 2017 because interest rates are low, consumer sentiment is getting stronger and gas prices have not risen too steeply. Source: www.freep.com
