Demand may be building for automobile purchases
More consumers are said to be in the market for an auto purchase these days, according to one top automotive website.More consumers are said to be in the market for an auto purchase these days, according to one top automotive website.
Edmunds.com recently announced that up to 100,000 consumers across the U.S. are interested in buying a car in the near future, but for various reasons have not acted.
"There has been a recent surge of purchase intent that has not translated into sales. Given that these 100,000 shoppers represent about 10 percent of monthly sales, automakers and dealers should find a way to capitalize on the opportunity and entice these folks to actually buy," said David Tompkins of Edmunds.com.
The website also noted that the average mileage on trade-in vehicles has increased 8 percent in the past year and by 15 percent since January 2008. This suggests that many consumers are putting off auto purchases until their financial situations are more favorable.
Edmunds.com is also predicting that automobile sales will be 10 percent higher in July than they were in June. This suggests that thousands of consumers will also find themselves in the market for affordable new auto insurance premiums.
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Posted: July 29, 2009
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