Vehicles on the road are going farther on less gas, and kudos goes to the auto manufacturers. With government regulations set to kick in in 2025, car makers are creating innovative ways to save on fuel, and so far, they have been successful.
According to a recent report from TruCar, fuel economy of new vehicles sold increased 0.7 mpg, marking the the fifth consecutive month of record-setting fuel economy.
"Although the monthly changes have leveled off, the fuel economy of the U.S. fleet improved dramatically in the last six years, resulting in around 2.1 billion gallons of fuel and $7.6 billion in projected savings just this year alone compared to 2007 levels," said Jesse Toprak, senior analyst for TrueCar. "Improvement in TrueMPG is a win-win for consumers and the environment."
Automakers have been doing the best job improving their fuel efficiency. Nissan was able to add 2 miles per gallon to their fleet of new cares in July 2013 compared to July 2012. Following Nissan was Chrysler, which added 1.2 miles per gallon and Toyota, which added 0.7.
The report showed that of all the vehicles sold in July, fuel economy averaged 21.7 mpg. While the automotive industry is still a long way off from the 54.5 mpg efficiency that the government will eventually require their new vehicles to average, at least they are making improvements and still have 12 years to increase the numbers.
Why sales will continue to be strong in August
While cars are getting more miles to the gallon, there are also more being sold. The automotive industry is on its way to exceeding sales of 15 million units by the end of the year, as there is only four more months to go.
According to Jonathan Banks, executive automotive analyst for the NADA Used Car Guide, new vehicle sales will be strong in August, as current owners continue to be offered high trade-in values for their vehicles and carmakers offer generous incentives.
"Traditionally, this is the time of the year when auto manufacturers increase incentives on outgoing model year vehicles to make room for the new model year fresh off the assembly line and headed to dealer showrooms," Banks said.
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