MCLEAN, Va. – New vehicle sales, which are a key indicator of economic growth, were strong in November and will continue to show signs of strength over the next couple of months, according to Paul Taylor, chief economist of the National Automobile Dealers Association (NADA).

“Several economic factors, such as an aging U.S. fleet, strong trade-in values and an improving stock market, are helping to sustain new-vehicle sales,” Taylor said.

On average, cars and trucks on the road today are more than 10 years old.

“Many consumers simply will feel the need to buy a new car or truck as the mileage on their current vehicles move beyond the 120,000 miles mark,” Taylor said.

According to data from NADA Guides, the run-up in used-vehicle prices is also pushing some shoppers into the new-vehicle market.

“The used-vehicle market will remain short of low-mileage cars and trucks, which for car owners will increase their trade-in equity when buying a new vehicle,” Taylor says. “This is another key economic factor that will sustain new-vehicle sales increases in future months.”

Sales of light trucks were a source of strength in November, according to NADA. Compared to the same month a year ago, large pickup truck sales were up 21 percent, SUV sales were up 17 percent and CUV sales were up 25 percent. Year-to-date, CUV sales are up 23 percent, large pickup trucks are up 19 percent and SUVs are up 12 percent.

Notably in November, the CUV segment accounted for more than 27 percent of total U.S. new-vehicle sales. Top-selling CUV models include the Chevrolet Equinox, Ford Escape, Honda CR-V and Toyota RAV4.

A relatively strong U.S. stock market also helped drive luxury car sales up 21 percent in November, NADA says.

“Today’s new-vehicle market remains largely about the ‘needs’ of consumers, while it was about the ‘wants’ of consumers during the boom years of 2002 through 2007,” Taylor added. “An improving outlook for employment and rising consumer confidence will help sustain real GDP growth of more than 2.5 percent for the second half of 2010.”