Posted on | December 10, 2012 | No Comments
Auto Sales 2012 moves forward in spite of Looming Fiscal Cliff:
Although the consumer sentiment index dropped lower in its most recent indication, auto sales have been on the rise. Sales of cars and light trucks jumped higher in significant fashion last month and analysts believe the lower than average financing rates are helping to support the sector activity.
Due in part to the low financing rates, sales of autos pushed higher last month to levels not seen in more than four years.
Auto Loan Financing rate Review Today December 10, 2012:
According to Bankrate.com data, auto financing rates remain at relative lows. The standard 60 month new car loan interest rate posts at 2.62 percent. The 60 month used car loan currently posts at 2.76 percent. The standard 48 month new car loan rate posts at 2.71 percent and the standard 48 month used car loan rate posts at 2.53 percent. Consumers took advantage of these low rates through the month of November.
Auto Sales In November 2012:
Specifically, sales of cars and light trucks jumped higher by approximately 15 percent in November to 1.14 million at a seasonally adjusted annualized sales rate of 15.5 million according to Autodata Corp. Automakers hope to see the positive trends continue through 2012 and into 2013, but the possibility of fiscal cliff linked slowdowns hover. Projections could be altered if Congress does little or nothing to address the spending cuts and tax increases which are on the way.
Stephen Johnson
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