A report from Edmunds put the average price of a used car in 2014 at $16,800, which is a record, and a 5.7-percent increase from 2013. It also found 1-year-old and 4-year-old cars showed gains at or near the average, while some vintages showed gains of up to 18.4 percent.
A range of economic index numbers are moving in positive directions, at the same time as consumer spending is up, personal savings are down, and gas prices are way down. However, payment companies have found that consumers aren't spending all of their gas savings on purchases.
Cheaper gas, warmer winters and more cars on the road mean that Americans are driving more, with total numbers set to top 3 trillion this year for the first time since 2007 and only the second time in history.
A Washington Post opinion piece, refuting those who predict the death of electric vehicles - yes, again - explains that regulatory mandates underpin the existence and sales of BEVs, not the price of gas.
The federal government mandates that a certain amount of ethanol be blended with gasoline. The price of corn-based ethanol hasn't been affected by the same anchor-drop in price as petroleum fuel, however, and along with that, the complicated mechanics of its pricing and trade are said to be what is keeping the price of gas from falling even further.
We've been hearing for a while that the steady drop in US fuel prices are hurting sales of fuel-efficient cars like hybrids and plug-ins. As far as driving habits, though? Lower prices are the pump are having little impact on how much people are behind the wheel, according to the US Energy Information Administration (EIA).
Gasoline in the US continues its weeks-long descent with prices down about 13 cents a gallon over last week to $2.544, which is lower by around 69 cents/gallon from this time last year, according to the US Energy Information Administration. Many drivers are welcoming the lower bills at the gas station as a fantastic holiday gift, but Ford investors are somewhat spooked over the potential sales implications for the 2015 F-150.