Auto Sales Soar in May, Lead by Pickups

Auto Sales Soar in May - Lead by Pickups

Auto sales were up again in the month of May. Full size pickup trucks led the way as consumers seem to be ready to replace vehicles they were holding onto during the recession.

The Associated Press reported that consumers in the United States purchased 1.4 million vehicles during May 2013. This figure represents an 8 percent leap from the same month last year.

While the economy is still showing slow or no gains in the manufacturing sector, the auto industry continues to see good results. With this boost from the auto industry it is thought that the industry will also help maintain the steady job numbers of recent months.

Nissan reported its biggest May ever, most likely due to their price cuts on some of their more popular models. Along with Nissan, Chrysler, Ford, Honda and Toyota also recorded increases in sales.

The total number of full size pickups sold in May were 173,972. Ford’s F-series pickup, the country’s best selling vehicle, showed a 31 percent increase. This figure was the highest in six years.

During the month of May, Ford added 2,000 workers to its Missouri plant. Figures show that from January to April the auto industry hired 14,600 employees. They are expected to add 35,000 for the year.

Low interest rates are contributing to the strong sales. Consumers are able to secure car loans with an average interest rate of 2.92 percent for a 48 month term.

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