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Study: Consumers Are Buying Cars and Spending More For Them

December 16, 2011

Recent car-buying highs have led many to believe that there is more life in the economy than was originally thought. Automotive sales are higher overall, and several companies have reported all-time records in November.

Take a look at the latest findings int he article below, from MSNBC’s ‘Bottomline.’

Car buyers not only buying, they’re paying more

By Joseph Szczesny, The Detroit Bureau

Chrysler, led by sales of its Jeep nameplate, was among the biggest sales gainers in November.

In the best showing in months, sales of new cars, trucks and crossovers climbed to an annualized rate of 13.5 million during November as virtually all the domestic, Asian and European brands posted double-digit sales increases.

In fact, several makers — including both Audi and Hyundai—announced all-time records for November.

But the impact of the strong monthly showing is being felt well beyond the auto industry. Following a solid October, when sales were driven by so-called pent-up demand, many analysts feared the November numbers would slide along with the rest of the economy. But the strong showing in the automotive market suggests there’s more life to the overall economy than many had anticipated.

Among Detroit’s Big Three, Chrysler Group LLC reported a 45 percent increase in sales last month while Ford Motor Co. posted a 13 percent increase, including a 20 percent increase in its retail sales. General Motors Co. sales increased 7 percent on strong retail sales.

Hyundai, Kia, Mitsubishi, Volkswagen/Audi , Mercedes-Benz also all reported increases of 40 percent or better, while Nissan, Mazda, Suzuki, Porsche and the BMW Group had to be content with double-digit increases.

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