Good October Sales May Mean Better Future Car Prices
Though official U.S. October car sales numbers won’t be available until the beginning of November, analysts are predicting that this month’s increased car sales will mean better new-car prices for car shoppers in coming months.
BMW, Mercedes-Benz, Hyundai/Kia and Volkswagen are all seeing a sales growth in October over last month, according to Auto Observer. Though General Motors’ overall October sales are down by 3 percent, Chevrolet is having its best third quarter sales in a century, according to The Detroit News.
Overall, the auto market is improving, especially when compared with this time last year. “Consumers are again returning to dealerships, keeping the sales pace more consistent with the strength seen at the beginning of the year,” said John Humphrey, a J.D. Power senior vice president, to the Los Angeles Times.
A stronger market for new and used cars means that consumers are likely to get a better deal than they’ve seen earlier in 2011. “Much of the past two months’ relative sales strength is driven by improving availability of product, lower pricing and this year's late-starting model-year-end clearance activity,” writes Auto Observer. “But pricing still has not fully returned to normal and there are still inventory shortages. This suggests there may be a small upside to near-term sales.”
Shopping for a new car, truck or SUV? Check out the U.S. News rankings of this year's best cars. Then, look for a great deal on a new car by checking out this month’s best car deals. Also, be sure to follow us on Twitter and Facebook.