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One of the most encouraging aspects of the US recovery is the increasing preparedness of American consumers to pop down to their local showroom and buy a shiny new car. This ought to put a grin on the faces of Fed policy-makers who are still agonising over whether to give the economy another injection of QE. Last month US domestic auto sales soared to 11.05m, the highest for almost four years. At one point back in the depths of despair in early 2009, sales collapsed to just 6.4m. It is also worth noting that the major automakers have achieved these very creditable sales figures without resorting to aggressive discounting or reliance on the previously successful Cash-for-Clunkers scheme.
The good news is that there is plenty of potential for this good cheer to continue. With the average age of cars in America now almost 11 years there is a great deal of pent-up demand which could underpin sales for a while. The jobs’ market has strengthened, the economy is looking a little healthier and real incomes are growing.
Although sales are not yet back to where they were pre-GFC (12-13m), the industry is now more firmly on its feet.
