POSTED: Tuesday, June 4, 2013 - 4:53pm
UPDATED: Wednesday, June 5, 2013 - 9:01am
McAllen, ,TX (News Center 23) — The nation's car industry just had one of its best months ever. Locally, Frank Smith Toyota and Hyundai saw record sales in May.
The Federal Reserve has kept interest rates at all-time historic lows. So it's been easier for buyers to borrow money and drive off with new vehicles.
"We did go through a recession a few years ago, and people can only go so long without buying a new car," said Luis Galvan, the director at Frank Smith Hyundai. "We're creatures of habit, we want that new car and we can only hold out so long. Right now the economy has turned a corner, and it's very evident when you look around, people are out there, they're shopping, they're looking to trade in what they've kept for four or five years, and they're looking to get rid of them... Interest rates are at an all-time low."
Most nameplates closed out the month with Memorial Day sales, and many local dealerships are still keeping discounts coming this week as they look to get rid of inventory.