Staff Writer - CheersandGears.com
October 11, 2012
Small cars are on track to to capture the largest share of the U.S. auto market since 1993 according to Bloomberg.
Sales of compact and sub-compact vehicles jumped 50% to 240,288 units last month, giving the segment a 19.3% of market share through September. That's only 1.2% off the highest market share that small vehicles ever got back in 1993.
“Traditionally small cars were purchased by people who couldn’t afford anything else. Right now, that’s not the case. We see people choosing them because they find them more appealing,” said Jesse Toprak, an industry analyst for TrueCar.com.
Why are small cars more appealing? Its due to high gas prices.Average gas prices are about $3.80 across the country, which is about 10% higher around this same time last year.
William Maley is a staff writer for Cheers & Gears. He can be reached at firstname.lastname@example.org or you can follow him on twitter at @realmudmonster.