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Individuals factored increasing gas prices into their car financing last month. Car sales also beat out industry estimates during August as car manufacturers were faced with fuel efficient car purchases.
Chrysler, General Motors and Ford saw double-digit sales gains in August compared to a year prior. GM reported a 10 percent sales increase from a year prior, after Edmunds.com only predicted a 6.4 percent increase. Ford gains were up 13 percent in August 2012 compared to August 2011, after Edmunds.com predicted only a 9.8 percent increase.
“Consumers are also choosing to buy highly-contented vehicles that are also smaller,” said Jesse Toprak, director of market intelligence at Truecar.com. “They’re not buying cheap and small, they’re buying well-equipped and small.”
The new 2013 Honda Accord recently received its official Environmental Protection Agency ratings. Honda reported that the 2.4-liter four-cylinder engine with 185 horsepower receives 24 miles per gallon city, 34 miles per gallon highway and a combined fuel rating of 28 miles per gallon. When paired with its new continuously variable transmission, the vehicle receives 36 miles per gallon highway. The Accord still trails its competition, the 2013 Nissan Altima, which received an estimated 38 miles per gallon highway.
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