As 2016 draws to a close, the US auto market is on the verge of setting a new sales record, beating last year’s mark of 17.5 million new cars and trucks.
Auto sales have been booming for several years, powered by a combination of cheap gas, easy credit, and pent-up demand. And with the unemployment rate now below 5%, there are plenty of Americans who now need a reliable, technologically up-to-date vehicle to get to and from work.
Even though some analysts think the market has plateaued and that there’s no more growth to be had, the fundamentals point to continued strong sales before a downturn — a downturn that at worst would probably only knock at most a million off the current pace.
Source: Business Insider