With gas prices climbing past the $4-per-gallon mark, it might seem to reason that consumers would be reluctant to head out and buy new cars, but statistics are showing just the opposite. March was one of the best months in years for car sales, and gas prices might be the cause behind the rise, Automotive News reports.
Though it would not be surprising if motorists were buying newer, smaller cars, that's not exactly what's happening. Instead, consumers are returning to their same cars but believe the updated versions will get better gas mileage. Even though the initial investment of a new or used car might seem like it would cost more, since more recent models have better mileage, it may add up in favor of the consumer.
"It's not changing their buying habits," industry insider Mike Good told the news source. "But they want fuel efficiency. Everybody knows the mpg when they walk in."
The biggest indicator of just how consumer behavior has changed in the last four years is the sales of pickup trucks. Last time gas prices spiked this much, in May 2008, truck sales dropped 25 percent. In March, truck sales actually grew 11 percent.
Though most automakers performed well in March, there were certain companies that did better than others. According to the Baltimore Sun, Volkswagen was particularly successful, with a 35 percent rise in sales compared to March 2011.
The growing number of people buying new cars is good news for people looking to pick up a used vehicle. As people trade in their older models, more and more become available. New Jersey State Auto Auction has a wide variety of makes and models that are perfect for people looking to pick up a reliable pre-owned vehicle.