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US new car sales expected to rise 5.8%

Monday, January 27, 2014 | 5:47 PM    

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NEW ORLEANS (AP) — Boosted by rising employment, home values and housing construction, Americans will buy 16.4 million new cars and light trucks this year.

That's the prediction from the National Automobile Dealers Association, which is meeting in New Orleans.

Economist Steve Szakaly says the 5.8 per cent expected increase will mark the sixth year of recovery from the financial crash and automotive bankruptcies.

Jonathan Banks, analyst for the group's Used Car Guide, says those years of new-car buying and leasing will push prices down for recent-model used cars and trucks, averaging 2.5 per cent less than last year's prices. He says five- to eight-year-old vehicles remain scarce because few people bought cars during the recession. Those prices are likely to be flat.

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