As May draws to a close, TrueCar.com predicts auto sales for the month will be the highest since 2007. The automotive website predicts sales in May will be around 1.4 million units, which is an 18.3 percent increase over April's numbers and an annual jump of 32 percent. The seasonally adjusted annualized rate remains the same at about 14.5 million new car sales.
"Pent up demand continues to fuel auto sales at a steady and sustainable level in may," said Jesse Toprak, vice president of market intelligence for TrueCar.com. "All major manufacturers will see double-digit growth this month. Toyota's recovery stemming from the natural disasters has happened at a breakneck pace and sales this month for Toyota will be the highest we have seen in a few years led by strong sales of the Camry and Prius along with strong sales from GM, which will be the highest since September 2008."
J.D. Power and Associates predicts similar success for automotive sales in May, including commercial and used vehicles in the estimates. The positive air around the automotive industry spells good things for those looking to buy used cars in New Jersey. As more people are buying new cars, there will be more used vehicles reaching the lots. This could lead to an average decline in the cost of used vehicles, which has been high due to increased demand. It doesn't hurt that gas prices have been dropping steadily in recent weeks, which has contributed to consumer confidence.
Drivers will be sure to find what they're looking for at New Jersey State Auto Auction. The dealer has a wide variety of makes and models, and every vehicle is CARFAX certified, so drivers know they'll be getting behind the wheel of a reliable ride.
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