More car insurance policies may be acquired this month, as vehicle sales continue to have positive returns.
As many as 1.2 million units may be sold in October, according to projections laid out in a report from TrueCar. This would be more than 14 percent higher than the same month in 2012, as well as 9.5 percent higher than in September. The month's performance would be the best in October since 2007.
With these transactions, the seasonally-adjusted annual rate of sales would rise to 15.6 million units, the report explained. That level would be more than 2.5 percent improved from last month, as well as nearly 10 percent better than the same month last year.
"The government shutdown turned out not to be a factor in October sales," said Jesse Toprak, senior analyst for TrueCar.com. "A combination of factors, including low interest rates, attractive lease specials and great products continued to bring customers to showrooms in healthy numbers this month."
When examining manufacturer sales performance, Nissan had the most significant change year-over-year, as sales rose 21.2 percent, the report noted. The automaker with the least change during that period was Volkswagen Group, as it increased by less than 4 percent.
Teens struggle to pay for vehicles
While many drivers are acquiring vehicles, there could be some issues with younger motorists trying to get their hands on a new model.
The level of teen drivers on the road dropped in recent months, and it is likely that this category is having difficulty affording a vehicle model, according to a report from the Highway Loss Data Institute (HLDI). Some of the reasons for the lack of funds may be due to a difficult job market and still slow economic growth.
"It looks like teens just can't afford to drive," said Matt Moore, vice president of HLDI. "Paying for their own cars, gas and insurance is hard if they can't find a job. At the same time, kids who count on Mom and Dad to help them also may be out of luck if their parents have been affected by the recession."
Families who are struggling to afford a vehicle for their teens may want to look at various ways to make the option more economical. There may be multiple options available, including purchasing a used vehicle and looking for an auto insurance policy that is less expensive.