In regional news, Coloradans are buying more new cars these days than at any time in the last decade, reports Colorado Public Radio. The trend has lifted the spirits—and the profits—of the state’s auto dealers. Many of the state’s residents now feel good enough about the economy to invest in big purchases such as automobiles.
Car sales nationwide are expected to grow for a sixth straight year. If growth continues, this will be the longest extended growth period in the history of the auto industry. Coloradans bough almost 200,000 new cars last year—the most in 12 years. Sales are up 80 percent from their low point in 2009. Falling gas process have helped sales, but so have new federal mileage standards, which prompted innovation. On average, people are keeping their cars for a record 11.5 years.
The car industry in Colorado makes up about 20 percent of the sales tax base.