Credit unions may have noticed more members leaning towardstrading in their decade-old cars for something newer.
|Vehicle sales are expected to continue with slow but steadyimprovement in 2012, according to NAFCU Chief Economist TunWai.
|“Buyers are eager to update their vehicles, as the average caris now 11 years old,” Wai said.
|According to NAFCU's Macro Data Flash report for December,excluding the temporary boost during the Cash for Clunkers program, the last two months marked thestrongest sales pace since June 2008.
|Wai said business demand has been propping up weak consumerdemand. As a result, the mix of sales has tilted toward lighttrucks over the past 18 months, driven by an increase in fleetsales, he noted.
|Still, “consumersales are edging up despite persistent economic headwinds,” Waiadded.
|Meanwhile, the effects of the Japanese earthquake and resultingsupply outage continue to dissipate, Wai said. Toyota and Nissanhave achieved their year-ago sales figures, although Hondacontinues to lag behind.
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