The National Auto Dealers Association predicted this week that at least 16.4 million people will buy or lease a new car or truck in 2014.
This would mean a 5.1 percent sales increase this year compared to 2013, when the U.S. saw a slight vehicle sales increase, which reached 15.6 million vehicles sold.
"Consumers will be far better off in 2014 than last year," said NADA Chief Economist Steven Szakaly in a press statement. " Employment is improving. Debt has been reduced, and home prices across all regions of the country will remain stable or will rise, yielding a positive wealth effect."
Last year marked the fifth straight year of increases since the global financial crisis, according to NADA.
Sales in 2013 would've been even better if it wasn't for "a series of contentious fiscal crises in Washington and a federal government shutdown last fall," according to Szakaly.
Edmunds predicted this past October that they expected sales in 2014 to hit 16.4 million units. If sales meet Edmunds projection, it would be the most vehicles sold since 2007.
"Even though the economy has yet to achieve the momentum typically seen in previous recoveries, enough progress has been made toward recovery that consumer willingness to buy new cars has not been daunted by recent fiscal crises," said Edmunds.com Chief Economist Dr. Lacey Plache in a statement.
Dr. Plache said sales should increase for a number of reasons, including improvements in the economy, a higher demand from customers who chose not to get a new vehicle during the recession, and people trading-in vehicles at a higher rate.
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