New light-vehicle sales on track for record year in 2016

New light-vehicle sales on track for record year in 2016

New-vehicle sales are on track to reach NADAês forecast of 17.7 million vehicles this year, said NADA Chief Economist Steven Szakaly at a press conference during the NADA Convention.

–We are closing out a strong first quarter,” Szakaly said. –With low interest rates, low gasoline prices and a rich selection of new vehicles with improved fuel and safety technology, it remains a great time for consumers to buy a car.”

The average transaction price on a new vehicle was nearly $34,000 at the end of the first quarter, Szakaly said, thanks to an increase in light-truck sales and the purchase of more options on vehicles. He predicted that light trucks will reach 57 percent of U.S. new-vehicle sales this year.

Car segments will remain weak, he said, with incentives on small, midsize and luxury cars expected to rise as the year progresses. But Szakaly said incentives on light trucks will fall.