New vehicle registrations picked up in Colorado during October, reversing course from a sharp drop-off recorded in September, according to a report released Wednesday by the Colorado Automobile Dealers Association.
Registrations for new cars and light trucks tallied 18,237 in October, a nearly 2.7 percent increase . With last month’s registrations, which represent a 10.9 percent jump from October 2014, year-to-date vehicle registrations are up about 8.3 percent from last year.
Registration numbers typically represent sales that occurred two months prior.
“October was a strong month for new car and light truck registrations in Colorado, as total registrations shot up above double digits again,” Tim Jackson, president of the Colorado Automobile Dealers Association, said in a statement. “Consumers continue to benefit with our growing statewide economic stability and consumer confidence remains high. Plus, the overall pent-up demand for new cars and trucks among consumers finds them taking advantage of low interest rates, low fuel prices, and available credit for most buyers.”
In Colorado, gas prices have steadily tumbled since August. Earlier this week, the average price for a gallon of unleaded .
The pre-owned market also saw a boost.
Registrations for used vehicles under 7 years old increased 13 percent from October 2014 and are up 6.7 percent through the first 10 months of the year, according to the report.
