Thinking about getting a sweet new ride lately? You aren’t alone. The automobile industry in America had its biggest sales year in history during 2016, delivering around 17.55 million new cars and trucks. The previous high water mark was set back in 2007, just before the bottom fell out of the housing market and took the rest of the economy with it. After slumping along for years, the industry is back and sales are positively booming.
Some of the reasons for the boom are pretty easy to identify, like a recovering economy, low gas prices, and a whole lot of pent-up demand as people finally replace the old cars they’ve been nursing through the recession. But the biggest hidden factor? Confidence. People who are pretty sure that they will have a job going forward are willing to take on some debt to get a new car.
