Analysts predict North American automobile production will break new records in the coming years. Among the contributors driving growth is low auto loan interest rates coupled with quality product for buyers.
The criteria for a loan is still tight, but interest rates are low, says Dick Schultz, managing director of the Automotive Materials Practice, Ducker Worldwide, Troy, Mich. Buyers have a lot of great product to choose from including options for better fuel economy. With the average age of a vehicle on the road being 11.6 years, it’s a great time to buy a new car.
The industry is optimistic. In 2014, North American production is expected to be more than 16 million units, making for the most production seen within a year at any time since the turn of the century, Schultz says.