New, used cars sold well in June
Posted on Monday, July 8, 2013 at 12:58:15 PM
New and used cars sold well throughout June. The strong numbers have lasted for the first quarter of 2013, and many people are using auto financing to get that dream car.
Several vehicles did exceptionally well in June, and the nation's hottest selling vehicle - the Ford F-Series pickup truck - held on to the top spot, according to USA Today. The best selling new cars for the month belonged to Toyota, Honda, and Chevrolet.
The car with the most improved sales was the Chevrolet Cruze, which sold 73.2 percent more, in part to added incentives, the report said.
Several auto makers are focusing on incentives, with the average new car having $5,357 worth, such as discount auto financing and cash discounts. In June 2012, incentives totaled 12.6 percent off of the MSRP. That number is now 14.1 percent, according to the report.
"As sales of new vehicles increase, more used vehicles are coming into the wholesale market through trade-ins and lease returns," said Tom Webb, chief economist of Manheim. "Wholesale vehicle pricing should continue to moderate in the second half of 2013, though the overall strength of the market should be unaffected."
Used vehicles also sold well for the month. Strong in both new and used sales, pickup trucks did better than any other vehicle, according to a Manheim report. The numbers are a reflection of the quality economy.