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Americans Are Buying More New Cars at Higher Prices

Despite the ongoing sideway drift of the American economy, Americans continue to buy more new cars at continually increasing prices.  Nationwide, approximately 12.8 million new cars and trucks were sold last year, a jump of 8.7% from the previous year. The average price likewise increased with the December number being $30,686, up 5.8% from 12 months before.  That’s a significant increase, and means that new car auto loan amounts are on the rise.

Industry observers say that some of this growth has been driven by the consumers’ demand for new vehicles featuring new technologies and comfort measures along with some extra attractive end-of-year sales. Chrysler, for example, offered incentives worth $3,246 per vehicle.

This helped Chrysler enjoy the largest increase of all of the major American automakers with a 37% leap in sales over 2010. Volkswagen, possibly the world’s largest, nearly fared as well by increasing its sales by 31% last year.

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The author has many years of experience in automotive finance and insurance. However, each consumer's situation is unique. It is best to contact a finance specialist for further assistance.
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