What cars are Americans buying this year?
With less than half of 2014 left, a narrative is starting to form about what car brands and models caught the eyes of consumers during this year. The same goes for prices – as winter approaches, we can begin to see what the trends and preferences were that drove auto ownership during this year.
First off, Toyota Division recently announced that it was the No.1 car brand throughout the first six months of 2014, thanks to the support of auto owners across the country. Daily selling rates for Toyota vehicles went up by almost 6 percent, according to the company’s latest release, and unadjusted sales figures were up by more than 5 percent as well.
“Sales in the first half of 2014 indicate a steadily recovering industry, and we expect this pace to increase as we move into the second part of the year,” said Bill Fay, Vice President and General Manager of the Toyota group. “In June, Camry and Corolla posted double-digit gains as passenger cars showed renewed strength industry-wide.”
Additionally, it seems that many consumers were eager to start off the summer with a new vehicle. Toyota sales during June 2014 were up by a huge amount, increasing by roughly 11 percent over figures recorded during June 2013. The Lexus brand saw even more dramatic sales increases, with daily selling rates increasing by almost 20 percent year-over-year.
“While the industry has been posting healthy gains, Lexus has been able to more than double the average growth rate with a combination of fresh new products, improving availability and industry-leading customer satisfaction practices,” said Jeff Bracken, Vice President and General Manager of Lexus group. “The new Lexus IS and GX models were two of the industry’s strongest performing products during the first six months of 2014.”
Prices are staying relatively stable for automobiles
Luckily for individuals looking into buying a new car sometime soon, prices aren’t going up nearly as fast as sales have. The analysts at Kelley Blue Book recently released a report showing that new car prices have increased by less than 1.5 percent over the course of the past year.
“Most major automakers showed positive growth for June 2014, as the market continues to shift toward utility vehicles this year,” said Alec Gutierrez, Senior Analyst for Kelley Blue Book. “SUV and crossover share increased more than two percentage points in 2014 to comprise one-third of the market.”
The analysts at Kelley Blue Book also found that car sales are increasing at a healthy rate.
“Most notable in June, General Motors posted a solid 5.4 percent year-over-year gain, helped by its truck and SUV lineup,” said Tim Fleming, Analyst for Kelley Blue Book. “The Chevrolet Silverado’s average transaction price is up 7.9 percent, while the new Tahoe and Suburban have climbed 10 percent from last year.”
It may not seem like a necessary step to keep up with the fluctuations of car prices – but these figures have a massive effect.