Earlier in the summer, potential car buyers were searching for smaller, more efficient vehicles in the wake of high gas prices and a struggling economy.
But the gas prices are coming down, and auto buyers responded by making trucks the most sought after vehicle on the market last month.
Trucks accounted for 49.7% of total new-vehicle sales in August. That’s their biggest share since March, when they accounted for 49.9% of new-vehicle sales.
GM’s Chevrolet Silverado was the nation’s best-selling vehicle. Ford’s F-Series truck came in fourth. Sales of Chrysler’s Dodge Ram doubled from July.
At the other end of the spectrum, small-car sales dropped 2.6% from August 2007 after several months of steady gains.
Along with falling gas prices, car buyers also got a boost from discounts offered by auto makers. GM utilized an “Employee Discount for Everyone” promotion, through which buyers pay the same price as GM employees for their new vehicles. Other auto makers offered discounts like 0% financing in an attempt to lure buyers back to the truck market.
Despite increased truck sales, only one of the six largest automakers saw an overall sales increase: Nissan. GM, Toyota, Ford, Honda and Chrysler all saw dips in overall sales.
Please send gas cards or story ideas to BizSense Staff Writer Alec Depcrynski, [email protected]