One of the areas hit hardest by the Recession was that of the automotive industry. It looks to be making a healthy comeback however, with automotive sales reaching a peek in March 2013, climbing back to pre-Recession highs. Many makers did well this month, posting sale increases of up to 5% from last year's and over 7% from February. There is a resurgence of confidence in the auto industry as the economy continues to improve, with tax returns making new cars appealing and record low interest rates making them more affordable than ever before.
It’s not just new cars seeing a boost in sales this month however, with an Auto Remarketing article stating that used sales surpassed 3 million in March, creating an 11% year-over-year increase. The total came in at just above 3 million, up from 2.7 million a year ago.
Nissan came out on top this year in regards to new car sales with a 20% year-to-date increase, while Holden fell the most, dropping 14.4%. The top ten selling cars of March, according to Car Advice (number of cars sold in parenthesis) were:
- Mazda 3 (3786)
- Toyota HiLux (3552)
- Toyota Corolla (3512)
- Hyundai i30 (2595)
- Nissan Navara (2499)
- Holden Cruze (2335)
- Mitsubishi Triton (1992)
- Toyota Camry (1916)
- Mazda CX-5 (1830)
- Holden Captiva (1660)
The Nissan Pulsar barely took 11th place, with 1644 sales, contributing to Nissan's incredible gains.
Although the market is up overall, passenger vehicle sales fell 4% from last year, while the SUV market grew an impressive 13%. Some analysts are concerned that this may not be a sustainable trend however, as worry over ever increasing gas prices continues to plague the nation.
All in all it looks to be a positive turn for the automotive industry as trust continues to rise and unemployment rates continue to fall, reaching their newest lows in five years. Increasing car sales sends a strong message to people. It says "The time is right to buy a new car. Prices are good, payments are reasonable, and everything will be fine."