U.S. auto makers announce strong sales figures for March - WFMJ.com News weather sports for Youngstown-Warren Ohio

U.S. auto makers announce strong sales figures for March

Posted: Updated:

Thanks in part to low interest rates and an improving economy, new car and truck sales hit their highest level in almost six years last month: nearly 1.5 million vehicles sold.

The numbers are so much better than expected so far this year that analysts at Edmunds.com added another 500-thousand cars and trucks to this year's projection.

"Consumers are feeling a lot more confident. Their stock portfolios are fatter, their housing value has reversed direction and is going up and those all make the consumer feel better, feel more confident to go make a big purchase like a car," said Michelle Krebs, senior analyst at Edmunds.com.

March was the best month automaker Nissan has ever had. 

Chrysler's U.S. sales rose 5 percent.

They sold more cars and trucks than in any month since December of 2007.

Sales grew six-percent at Ford, and 6.4% at GM.

Bankrate.com says the average rate for a 60-month new-car loan fell to 4.1 percent from 4.5 percent at this time last year.

While Phil LeBeau, who covers the auto industry for cnbc, says a lot of the demand is driven by need.

"A lot of people are driving vehicles that are 10, 11, 12 years old. They need a new car or truck, and at this point, this is the right time to go in and buy one," said LeBeau.

He says the product's gotten better, too, to include pricing, style and performance.

"Whether it's fuel economy, whether it's infotainment, across the board, these are probably the best looking cars and trucks we've seen in a generation," said LeBeau.

Tax refunds may also be helping.

The average federal tax refund this year is nearly $3,000, which is plenty to cover a down payment on a new car.

  • More NewsMore>>

  • Horses jump for a good cause

    Horses jump for a good cause

    Friday, July 21 2017 11:34 PM EDT2017-07-22 03:34:13 GMT
    18 riders of all ages and from all over made their way to Canfield Firday night. The 2nd Annual Twilight Jumpers Horse show was held at Buckeye Horse Park. It raises money for Canter Ohio. It's a volunteer organization working to  provide retiring thoroughbred racehorses with opportunities for new careers by helping to place, rehabilitate, and retrain them.  The riders and horses took on the course filled with jumps.  They had to clear each jump standing at about 3 fee...More >>
    18 riders of all ages and from all over made their way to Canfield Firday night. The 2nd Annual Twilight Jumpers Horse show was held at Buckeye Horse Park. It raises money for Canter Ohio. It's a volunteer organization working to  provide retiring thoroughbred racehorses with opportunities for new careers by helping to place, rehabilitate, and retrain them.  The riders and horses took on the course filled with jumps.  They had to clear each jump standing at about 3 fee...More >>
  • Spicer exits as Trump shakes up his beleaguered press team

    Spicer exits as Trump shakes up his beleaguered press team

    Saturday, July 22 2017 3:14 AM EDT2017-07-22 07:14:15 GMT
    New York financier Anthony Scaramucci is under consideration to join the Trump administration as communications director.More >>
    New York financier Anthony Scaramucci is under consideration to join the Trump administration as communications director.More >>
  • Emergency surcharge on the horizon for Youngstown Thermal customers

    Emergency surcharge on the horizon for Youngstown Thermal customers

    Bills will be going up for customers of Youngstown Thermal to keep the heating and cooling business afloat. The Public Utilities Commission of Ohio (PUCO) directed its staff and the company to come up with an emergency surcharge plan to be able to meet payroll. 

    More >>

    Bills will be going up for customers of Youngstown Thermal to keep the heating and cooling business afloat. The Public Utilities Commission of Ohio (PUCO) directed its staff and the company to come up with an emergency surcharge plan to be able to meet payroll. 

    More >>
Powered by Frankly
All content © Copyright 2000 - 2017 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms