ONLINE BANKING
Access ID:
Pay Online Button

CD Rates

U.S. fuel efficiency, vehicle sales high in August

Posted on Wednesday, September 11, 2013 at 12:50:24 PM

Typically, buyers are using automotive financing to help fund the purchase of larger vehicles such as pickup trucks and sport-utility vehicles. Even as sales in the U.S. soar for nearly every type of vehicle, including larger models, fuel efficiency is nearing an all-time high.

Michael Sivak, with the University of Michigan, explained to NBC News that mileage for new vehicles averaged 24.9 MPG, and that buyers are choosing more fuel-efficient vehicles, across all makes and models. While conventional wisdom states that bigger cars and trucks do worse per gallon of gas, that isn't exactly true anymore. Sivak added that SUVs and crossover-type vehicles have a better gas mileage now than a few years back.

Hybrids, as well as the increasing popularity of electric vehicles, also have helped push up the national MPG average, the news source reported. Over the past five years, the statistic has grown more than 19 percent.

Automotive financing has helped many buyers choose their perfect car or truck. U.S. sales figures increased in August for Toyota, Ford, Nissan and GM, among others, according to The Associated Press. Chrysler reported the best month in the past six years, and GM had sales rise nearly 15 percent.