(NEW YORK) — Any worries Americans have about the economy fail to dissuade them from buying cars.
Chrysler had a banner July, with sales up 13 percent. Volkswagen posted a 27 percent jump. Toyota saw a 26-percent rise. And at Nissan, sales were up 16 percent.
General Motors and Ford Motor Co. didn’t fare quite as well last month. Sales of GM vehicles slipped 6 percent, the company said, while Ford reported a 4 percent decline in sales from the previous year.
Buyers closed out of the auto market since the recession are finding good deals on last year’s models, better financing and strong trade-in values. Pent up demand, analysts say, is also helping consumers overcome the risk of a softer economy. The average car on the road is more than a decade old so some drivers need to buy rather than bring their clunker in for one more repair.
Copyright 2012 ABC News Radio
Brian Stelter, CNN Money
Sam Turner, Deseret News