Quality, affordability motivating excited car buyers
Posted on Tuesday, July 23, 2013 at 11:06:01 AM
The motivation to buy a car is growing, thanks to affordable auto financing, quality vehicles and friendly prices. Several car manufacturers are benefiting from the excited buyers, as the average price for vehicles is rising in North America.
GM and Ford are seeing profits increase thanks to the resurgent popularity of the pickup truck, according to the Detroit Free Press. It is the car itself that is attracting buyers, at least at the moment, instead of incentives and other deals.
"People complain cars are expensive, but they also buy the most expensive ones," Jesse Toprak, analyst for TrueCar, an auto pricing research company, told the news source. "People are happy to pay more if they get more."
Meanwhile, the most popular manufacturers among American consumers were BMW, Subaru and Ford, according to a TrueCar Performance Scorecard released in July. The compiled data analyzes pricing, sales and customer loyalty, among other factors. Ford and GM fared well, supporting the strong sales the two companies reported. TrueCar evaluated the customer loyalty levels for both as relatively strong, and overall each one fared much better than Nissan, Mazda and Chrysler, all ranking near the bottom of the monthly data.
Auto financing is trending for older baby boomers, while the younger generations are less interested, according to the Detroit Free Press. Either way, more car sales will help stimulate the entire economy.