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U.S. new-vehicle sales in 2018 rise slightly to 17.27 million [UPDATE]

DETROIT — Sales of new vehicles in the U.S. rose slightly in 2018, defying predictions and highlighting a strong economy. Automakers reported an increase of 0.3 percent over a year ago to 17.27 million vehicles. The increase came despite rising interest rates, a volatile stock market, and rising car and truck prices that pushed some buyers out of the new-vehicle market. Industry analysts and automakers said strong economic fundamentals pushed up sales and should keep them near historic highs in 2019. "Economic conditions in the U.S. are favorable and should continue to be supportive of vehicle sales at or around their current run rate," Ford Chief Economist Emily Kolinski Morris said after the company and other automakers announced their sales numbers Thursday. That auto sales remain near the 2016 record of 17.55 million is a testimonial to the strength of the economy, said Mark Zandi, chief economist at Moody's Analytics. The job market, he said, has created new employment, and wage growth has accelerated. "That's fundamental to selling anything," he said. "If there are lots of jobs and people are getting bigger paychecks, they will buy more." The unemployment rate is 3.7 percent, a 49-year low. The economy is thought to have grown close to 3 percent last year, its best performance in more than a decade. Consumers, the main driver of the economy, are spending freely. The Federal Reserve raised its key interest rate four times in 2018 but is only expected to raise it twice this year. Auto sales also were helped by low gasoline prices and rising home values, Zandi said. It all means that people are likely to keep buying new vehicles this year even as they grow more expensive. The Edmunds.com auto-pricing site estimates that the average new vehicle price hit a record $35,957 in December, about 2 percent higher than the previous year. It will be harder for automakers to keep the sales pace above 17 million because they have been enticing buyers for several years now with low-interest financing and other incentives, Zandi said. He predicts more deals in the coming year as job growth slows and credit tightens for higher-risk buyers. Edmunds, which provides content, including automotive tips and reviews, for distribution by The Associated Press, predicts that sales will drop this year to 16.9 million.

Junkyard Gem: 1985 GMC Suburban K1500

General Motors has been selling Suburbans since 1935, outlasting the DeSoto Suburban, the Nash Ambassador Suburban and the Plymouth Fury Suburban. These days, the US-market GMC-branded twin to the Chevrolet Suburban wears Yukon XL badging, but GMC Suburbans were sold here from 1937 through 1999. Today's Junkyard Gem is a four-wheel-drive example of the very successful 1973-1991 Suburban generation, found in a car graveyard just outside of Reno, Nevada. The Service Parts Identification sticker on the glovebox lid tells us that this truck was part of a fleet order with some interesting RPO codes, including one for "Retail Amenity Delete." Yes, the cigarette lighter was an extra-cost option. The original engine was a good old carbureted Chevrolet 350-cubic-inch (5.7-liter) small-block V8, and this small-block may even be the one that was installed on the line in Flint, Michigan. The power rating was 165 horsepower and 275 pound-feet, not a lot of power (by our current standards) for a truck that scaled in at nearly two-and-a-half tons, but it was enough for the era. The transmission is the optional 700R4 four-speed automatic. The seat is a bench, as is proper. This is a half-ton with four-wheel-drive and the base Sierra trim level. The High Sierra and Sierra Classic packages (corresponding to Chevrolet's Scottsdale and Silverado names at the time) got you nicer-looking decorations plus some convenience features. The 1985 GMC and Chevrolet Suburbans had identical price tags, which started at $11,650 for the K1500 with 350 engine (about $24,682 in 2024 dollars). The eighth-generation Suburban showed up as a 1992 model, and it received the luxurious independent front suspension that had lived beneath C/K-series GM pickups since the 1988 model year. At some point, the tailgate from a Chevrolet Suburban was installed. Rust works slowly in Nevada, though we don't know where this truck resided before it came to the Silver State. An owner of this truck was a proud member of the International Union of Operating Engineers Local 12, which covers California and Nevada. What broke and sent this truck here? We can't know. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The Suburban doesn't show up in this commercial for the 1985 GMC trucks, but it's still worth a view. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

GM cutting back on powertrain warranty citing lack of interest

Generally, when a manufacturer offers a long, high-mileage warranty, it's a sign that it stands behind its products. On top of that, it's generally a selling point for consumers, who can rest easy knowing that any catastrophic failures will be picked up by the manufacturer. Considering those facts, it does seem rather strange that General Motors is slashing the mileage warranty on model year 2016 vehicles from Chevrolet and GMC. Instead of offering consumers a 100,000-mile warranty, GM will now only offer a powertrain warranty up to 60,000 miles. The five-year warranty period, though, remains unchanged. GM will also cut the number of free services being offered to Chevy and GMC owners, as well as Buick drivers, from four to two. "Through research, we have determined that when purchasing a new vehicle, included maintenance and warranty rank low on the list of reasons why consumers consider a particular brand over another," explained a memo sent to dealers by Chevrolet VP Brian Sweeney and his GMC counterpart, Duncan Aldred, and obtained by Automotive News. "As a result, we have benchmarked our competitors, reviewed our current offerings and have concluded the following modifications to align closely with our customers' needs and expectations." While the move might seem odd, Sweeney and Aldred are right – according to Automotive News, Ford, Honda and Toyota each offer a five-year, 60,000-mile powertrain warranty. As for what the money saved by trimming the powertrain warranty will go towards, a GM spokesperson simply told AN that the company will "reinvest the savings we will realize into other retail programs," some of which have been requested by consumers. What are your thoughts? Would a 40,000-mile reduction in a new vehicle's powertrain really turn you off from buying one? Even if it matched its competitors? Is GM better off spending its money elsewhere? Have your say in Comments. Featured Gallery 2016 Chevrolet Equinox View 10 Photos News Source: Automotive News - sub. req.Image Credit: Chevrolet Chevrolet GM GMC Auto Repair Maintenance Ownership warranty