U.S. auto sales rose 10% in 2011

Americans bought more cars and trucks last year, impelled by easier credit, an improved economy and the desire to replace aging vehicles that got them through the Great Recession. Sales rose sharply for Detroit’s three carmakers and for Japan’s Nissan in 2011, aided by a surge in November and December. Analysts expect that momentum to continue into 2012. After final figures are tallied late today, U.S. auto sales in 2011 are expected to have reached around 12.7 million units. That’s a 10% jump from 2010 and 22% from 2009, when the U.S. auto industry and the financial system were in peril. Chrysler led the 2011 sales gains with a 26% increase, followed by Nissan at 15%, GM at 13% and Ford at 11%, according to company reports released today. Sales are almost certain to rise again in 2012, perhaps as high as 13.8 million, which would mark the third straight year of growth. Low interest rates, looser credit standards and pent-up demand are driving sales. The average age of a car on U.S. roads is the oldest ever, closing in on 11 years. Americans apparently want to trade in their older vehicles now that a tentative recovery has begun and they’re feeling a little more secure about jobs and finances.