Houston new car sales surged in January, kicking off a record start to the year caused by both demand for new cars after Hurricane Harvey and interest sparked by the 2018 Houston Auto Show.
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Houston-area dealers sold 26,142 new vehicles in January 2018, a 35.1% increase from the same time period last year according to InfoNation’s TexAuto Facts Report. January’s area sales were up 16% over January 2017.
Steve McDowell, owner of Sugar Land-based InfoNation, said consumer demand for trucks and SUVs drive these strong sales figures.
“January sales indicate encouraging signs of consumers returning to the auto market following slower sales during the past two years,” McDowell said. “Consumer acceptance of new models, consumer confidence, full employment, an increase in pent-up demand, and oil and gas price stability appear to provide a basis for sales growth in 2018. Total new vehicle sales are expected to recover to 306,000 units in 2018.”
McDowell did caution that potential interest rate hikes and rising federal budget deficits could harm the U.S. economy and slow auto sales down the rest of the year.
Truck and SUV sales continue to dominate the Houston market, making up 72.5% of market share. SUVs gained a 44.2% market share, setting a new record.
However, average retail prices continue to rise, hitting $38,576 in January 2018. That price sets a new record and represents a 5.1% jump since January 2017.
Lemon law attorneys help their clients by dealing directly with the manufacturer on the clients’ behalf, working to promptly resolve the issue and get their clients back on the road. Thanks to the Magnuson-Moss Warranty Act, attorneys can seek their fees directly from the manufacturer, meaning a client can obtain legal counsel without having to pay attorneys’ fees directly out of pocket.