Overall Vehicle Sales Are Expected To Rise In The Coming Year

Colorful Cars StockVehicle Sale Predictions

If you are looking to invest in a new car, there is no better time than now. Car and truck sales are expected to increase by almost 3 percent in 2015, bringing the estimated number of vehicles that will be sold to the highest level in more than 10 years.

An increase in the number of vehicles sold is a good sign for the economy. Experts agree that the increase in vehicle sales will be driven by very favorable economic circumstances, including improved job rates, a more confident consumer, and lower gas prices. In terms of economic growth and the revenue that is coming from utility, pickup, and luxury vehicle sales, the past year has been remarkable and 2015 is expected to be even better.

The National Automobile Dealers Association, or NADA, is predicting that sales of new cars will stay just a little under 17 million. The chief economist of NADA is warning that the forecast of new car sales hinges on the Federal Reserve deciding to keep the interest rates where they are, or at least in an affordable territory. Due to the improving economy, many people are expecting interest rates to rise. Even if the interest rates do increase, it is likely that it will be small, which will not make a large impact on the total number of vehicle sales.

Although the favorable economic situation may seem like all good news, it will also lead to increased prices of vehicles. Both new and used vehicles are expected to have a sticker price that is around 2 percent higher than last year.

Having the right auto insurance policy is the best way to ensure that you and your new car are protected from any peril. Contact the insurance professionals at The Insurance Shop in White Bear Lake, Minnesota for all of your auto insurance coverage needs.