New and Used U.S. Auto Sales to Top $1.1 Trillion in 2014
A new industry estimate projects that total revenue from consumer purchases of new and used cars and trucks will surpass $1.1 trillion this year, fueled by higher transaction prices across the board.
Consistent strong demand for vehicles should lift total vehicle revenue 8.3 percent this year over about $1 trillion in 2013, according to TrueCar, a negotiation-free car buying and selling platform. The increase comes amid sustained economic expansion, an improving job market, falling gasoline prices and a consumer shift to higher revenue segments, including pickup trucks and luxury vehicles.
Total market sales this year should reach 54 million units, an increase of 8 percent, including 16.5 million new and 37 million used automobiles.
Noted John Krafcik, president of TrueCar, “To put this in perspective, new vehicle revenue alone will surpass the value of new single family home sales in the U.S. nearly three times.”
The average new vehicle sells for $31,831 this year, up 1.9 percent over 2013, while used vehicle transaction prices have risen 5.1 percent to an average of $16,335, based on TrueCar data.
Category: Featured, General Update, Vehicles
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