US auto sales expected to hit an all-time high in 2015

  • 2/5/2023
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DETROIT, Rabi'I 25, 1437, January 05, 2016, SPA -- Americans are buying more new cars than ever before, according to AP. U.S. auto sales were expected to reach a record high of 17.5 million in 2015, topping the old record of 17.35 million set in 2000. Analysts expect sales could go even higher this year as unemployment continues to decline and more young buyers enter the market. Automakers reported December and full-year sales Tuesday. Low gas prices and historically low interest rates left more money in buyers' pockets. Nationwide, gas prices ended the year at an average of $2 per gallon, according to AAA. And while the Federal Reserve raised a key interest rate in December, it remains near zero. By comparison, that rate was 6.2 percent in 2000. Oliver Strauss, the chief economist at car buying site TrueCar.com, says the interest rate would have to reach 3 percent before it would cause car sales to stagnate. --SPA 22:06 LOCAL TIME 19:06 GMT www.spa.gov.sa/w

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