Thanks to an uptick in the housing construction industry and improving consumer confidence, new car sales in May were up 8.1 percent year-over-year, pushing annual sales projections to 15.3 million.
Although sales were only up 4.2 percent in April, the overall picture for new car sales remains good thanks to a steadily improving economy, pent-up demand and favorable interest rates.
Used car values are now at a three-year low. Mid-size pickups and sports cars are doing well, largely due to new housing starts and warm weather.
Improving supplies and cheap gas drove used car values down around 1.7 percent year-over-year.
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