Several setbacks occurred in 2015 such as attempts by Volkswagon to evade emisssions controls, exploding airbags, and ignition switch issues with GM cars. In spite of this, 2015 car sales are anticipated to be at record levels. Sales are expected to be over 17.4 million cars. The previous record was set in 2000.
Several indicators suggest that the economy will receive such a boost from a increased auto sales. Sales for the first 11 months of 2015 were over 15 million cars, up 5.5% from the previous year. Sales were up for many auto manufacturers.
Expectations for auto sales were approximately 2.44 million sales for 2015. Sales for that year are expected to exceed that number.
As stated, there have been some major recalls, making the volume of sales even more remarkable. Volkswagon’s sales were off 25% because of the issues it had with emissions standards.
GM’s sales have been hearty in spite of its faulty ignition switch issues.
Toyota and Honda have had good sales numbers as well in spite of cars recalled for airbag issues.
Some economic factors have paved the way for increased car sales. Gas prices are low, unemployment rates are low, and interest rates are low. These factors create a positive environment in which the auto market can flourish. Also, cars on the road are older. The average car on the road is 12 years old. New cars are in the forecast for many buyers.
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Source: LA Times