Hawaii new vehicle market forecast to increase 8% in 2014

Published On: Dec 24 2013 11:45:53 AM HST
Updated On: Nov 18 2013 11:39:03 AM HST

New light vehicle registrations in Hawaii are predicted to increase 8 percent from 2013 to 2014, according to the latest Hawaii Auto Outlook sponsored by the Hawaii Automobile Dealers Association.

If that happens, it would be the fourth consecutive annual increase.  This follows a 16.5 percent increase in new light vehicle registrations in 2013.

The Hawaii Auto Outlooks says the likelihood of less-than-stellar economic growth, economically restrictive fiscal policy from Washington, and a slowing global economy are likely to put a mild damper on the rate of growth in new vehicle sales.

Moderate pent-up demand, an improving housing market, low interest rates, and gradually improving household debt levels should ensure sales will continue to head higher, but at a slightly slower pace.

New retail registrations were up 17 percent for the first nine months of this year compared with a year earlier.

New vehicle registrations were up in the third quarter of 2013 by 24 percent, up from 16.6 percent in the second quarter.

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