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start credit applicationThere's no stopping the automotive industry in 2014, it would appear. September marked another month of record sales for the industry, up 9% from September 2013. Fueling this demand are three key factors:
Good News Across the Board
The economy is growing, banks are lending, and manufacturers really want people to buy cars because people really want to buy cars. It's simple and wonderful for everyone involved, and it's opening new doors for companies looking to help shoppers buy a car online.
Banks are offering better rates for qualified buyers, while those with bad credit can still qualify for a loan through a subprime lender, which may come with an 8-20% interest rate. And despite that sounding bad for buyers, and a cause for economic stability concern after the 2008 crash, car buyers are not showing signs that they'll have problems paying their bills.
Incentives have helped drive General Motors' truck sales up 28% compared to September 2013, and the company as a whole has seen a sales increase of nearly 20%. That's despite recall campaigns, which ended in 26 million total vehicles being recalled for various issues.
While other manufacturers soon followed with millions of recalls of their own, the only major companies to see dips in sales from September 2014 compared to 2013 were Ford and Volkswagen.
Car Buying is Evolving
With consumers now using the internet for just about everything having to do with car buying -- from research to negotiating with dealers -- it's only natural that the actual buying process should also move online. While there are services that offer used car sales with a complete online buying system, NowCar is the first to offer new cars to buyers.
In the future, this purchasing method will become more popular, as the car-buying process moves even more online. Right now, car dealers offer buyers every option to do things online and over the phone up until the point you actually want to buy the car. And for the most part, people are against this because we've been programmed to assume that the car dealer isn't getting us the best deal.
With less overhead compared to a dealership, buying a car online through a service like NowCar will help buyers save more money on top of the incentives they already receive from manufacturers.