Cars these days are driving longer on smaller amounts of gasoline and a recent report is a testament to that.
According to TrueCar's recently released TrueMPG, the fuel economy of light vehicles sold in March increased to 23.7, up from 23.4 on a year-over-year comparison and the first time the numbers have increased for three straight months.
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"The industry reached yet another record-high TrueMPG average in March, thanks not only to continued consumer preference for smaller vehicles but also due to significantly improved fuel efficiency of larger vehicles, especially large trucks," said Jesse Toprak, senior analyst for TrueCar. "The highly competitive mid-size sedan segment experienced the biggest gain since last year, with Nissan and Chrysler posting the largest improvements among automakers."
While fuel efficiency increased, so did the average transaction price of vehicles sold during March. According to a separate report by TrueCar, the average transaction price for light vehicles in March was $31,087, accounting for an increase of 1.1 percent on a year-over-year comparison and an increase of 0.4 percent on a month-over-month comparison.