Leaving aside the sales of pickups, which dominate vehicle sales in the United States based on volume, Toyota Motor Corp.’s (NYSE: TM) Camry was the best-selling car in America, posting a total of 40,800 in March. It also holds the lead for the first three months at 100,505. The numbers show how well midsized, low-priced, high-mileage cars continue to do, despite low gasoline prices.
Toyota’s Camry sits in the middle of its sedan product line. The lowest priced model is $22,870, above Toyota’s cheaper Corolla at $16,850. Camry is bracketed on the high side by the Avalon, which has a base price of $32,285. Toyota’s strategy of three sedans has worked well. The Corolla was the second best-selling car in March, with a total of 35,532.
The segment in which the Camry competes is crowded, a sign of what Americans prefer in cars. Sales of the Nissan Altima barely trailed Corolla and reached 31,933 for March. The Altima sedan carries a base price of $22,300. Hyundai’s Elantra was also among the top 20 selling vehicles in March, with sales of 28,754. Ford Motor Co.’s (NYSE: F) horse in the market, the Fusion, is also among the top 20, with sales of 28,044. It has a base price of $22,010.
Every car in this segment is available with some sort of discount or incentive, so the base prices may not be the lowest prices at all.
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The success of these models across several manufacturers shows what sells in America, where the median household income is just above $50,000. Car sales may have reached near record levels, but Americans have not splurged.
One might make the argument that low gas prices have substantially changed buyer habits. Sales of midsized, low-priced, high-mileage cars says otherwise. The best-selling cars post 30 mpg numbers, give or take a few. As gas prices drop, the buyers of these cars “make” money, perhaps as much as several hundred dollars a year. Whether they spend that money or save it, each owner can say he or she is a little richer, but just barely.
Who wants to buy an expensive car and spend more for gas as well? Apparently very few people.
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