Automotive sales have been steadily improving for months, and consumer buying trends are shifting toward smaller, more fuel-efficient vehicles. J.D. Power and Associates' Power Information Network (PIN) tracks data on thousands of new car purchases and leases every month, and the information clearly illustrates consumers are approaching the car buying process differently these days.
Subcompact and compact vehicles now lead new car sales, making up about 25 percent of total sales numbers in the first two months of 2012. The subcompact market has seen the greatest growth, improving 35 percent over the same period in 2011.
"Higher vehicle sales are obviously welcome news for the U.S. automotive industry and general economy," said John Humphrey, senior vice president of global automotive operations at J.D. Power. "However, automakers are going to have to closely monitor shifts in segment demand and build accordingly."
Lower federal interest rates on car loans have also fueled many drivers to get back in the car-buying game. The PIN data indicates an increase in the number of loans being granted to people will less-than-ideal credit scores. While the recession was in full swing, lenders were more selective about whom they would approve, but such is no longer the case. Regardless of credit scores, more drivers are being approved for auto loans across the board.
Drivers searching for used cars with decent fuel economy need look no further than New Jersey State Auto Auction. With a wide variety of makes and models, motorists are sure to find the perfect car to suit their needs. Plus, drivers need not worry about their credit score, as a partnership with the Credit Acceptance Corporation allows NJ Auto to guarantee loan approval.