New vehicle sales will continue to decline in 2019, continuing a trend started in 2017, according to a new report from the car shopping experts at Edmunds. As part of the Edmunds 2019 Forecast and Trends Report, analysts forecast that a total of 16.9 million new vehicles will be sold in 2019, compared to an expected 17.2 million vehicles in 2018. Despite this downward trend, Edmunds experts note that auto sales will remain at a historically high level, because positive economic factors such as low unemployment, high consumer confidence and low gas prices are expected to persist through 2019, and a surge in lease returns is expected to give the auto market a boost.
Peak lease options of more than 4 million consumers are expected to turn in their vehicles and come back to the market in 2019, which could have a major impact on new vehicle sales. These shoppers are coming back to a very different market with increased vehicle prices and higher interest rates
On average, new vehicles are nearly $3,000 more expensive now than they were three years ago and if you choose to purchase this year you can expect to pay nearly $1,800 more in interest over the course of a five-year auto loan.
The Edmunds 2019 Forecast and Trends Report also takes a deeper look into other major factors that will shape the industry through 2019, such as the ongoing transition to light trucks and SUVs away from passenger vehicles, record green vehicle sales and market share, the impact of the expiration of tax credits on electric vehicles and a rise in fleet sales as rental companies fight to stay relevant.
The report is now available for download in the Edmunds Industry Center here.
If you are not in the market for a new vehicle this year or any time soon for that matter, there are several things you can do to increase the lifespan of your current vehicle.
- Service your car by the book
- Check and change the oil
- Maintain proper fluid levels
- Keep tires inflated, and rotate them regularly
- Fix the little problems, before they turn into big problems
- Clean and care for the car
- Run errands at one time
- Don’t drive aggressively
Peninsula Auto Body is dedicated to you and focuses on providing the best customer service regarding your auto body needs during what can be a stressful time. Our team strives to make your visit as seamless and hassle free as possible. Should you find yourself in need of collision repair services, stop by for a free estimate at 1430 San Mateo Ave., S. San Francisco, CA or call us at 650.588.0999 Monday through Friday from 7:30am-5:30pm to speak to our expertly trained staff.