The demand in the American automobile marketplace has risen at a higher rate than was forecasted, as automakers are now aimed at the best yearly performance that it has seen since 2008, having sold 12.8 million vehicles in 2011.
At the start of December, consumers have finally started making their way back to vehicle shopping and are seeking models that range from luxury sedans and large pickup trucks to the trendy low fuel consumption hybrids. This has helped to boost the sales in November to the fastest monthly rate since August 2009, when the government offered their “cash for clunkers” program to trade in older vehicles.
Chrysler Group LLC and General Motors Co., which have been maintaining their positions out of bankruptcy for two years now, are finally starting to wedge their way into the share that had been held by the now disaster-weary Honda Motor Co. and Toyota Motor Corp.
Though the trend among American consumers had been to wait as long as possible before purchasing their new vehicles, they are now finally starting to replace their older autos and are purchasing cars such as Prius hybrids and pickups such as the F-Series, as the consumer confidence in the economy starts to build. This also means that auto manufacturers haven’t been required to fall back on exceptionally low prices in order to stimulate demand.
According to chief economist Paul Ballew from Nationwide Mutual Insurance Co., there is more resiliency being shown in the recovery than what people were worrying would be the case. He added that “Vehicle sales are inching their way back up to 14-, and then eventually 15- and 16-million units.”