Like last month, August has shown yet another increase in the sale of new cars, which can only mean one thing based on high-school economics: With more demand comes more supply - car prices are sure to plummet! Or not.
August new-car sales in the U.S. are expected to jump 19% from a year earlier as retail demand from consumers remains steady, according to a report by Kelley Blue Book.
The provider of new- and used-car information estimates August new-car sales to hit about 1.3 million units. When adjusted for an additional selling day in August, car sales are expected to rise 14%. The daily selling rate is expected to decline nearly 1,000 units a day compared with July, due to a seasonal decline in fleet sales taking place during the second half of the year, Kelley Blue Book said. Retail sales volume is expected to be relatively flat month-over-month, outperforming seasonal expectations, the firm said. Continue Reading