Fuel Economy Hits All-Time High for Drivers

Fuel Economy Hits All-Time High for Drivers

Good news for our wallets and the environment. According to a study by the University of Michigan Transportation Research Institute, new cars sold in the U.S. last month reported the highest fuel economy yet.

The average fuel economy of new vehicles sold in the U.S. in October was 24.1 miles per gallon. That marks an increase of 4 miles per gallon from October 2007. The results represent an all-time high for gas mileage. The 20% improvement in fuel economy since 2007 corresponds with a 17% decrease in fuel consumption, or overall gallons per mile.

The improvement marks the results of a concerted effort by the auto industry to improve fuel economy, driven by tightening government standards and consumer demand. According to a survey by Consumer Reports, fuel economy is the most important factor when shopping for a new vehicle than anything else. Other factors that fuel economy beat out were quality, safety, value, and performance.

Customers cited several reasons for placing fuel economy at the top of their priority list.  And, it wasn’t just due to higher gasoline prices. Consumers also wanted to be more environmentally friendly, and a concern about dependence on foreign oil. In addition, nearly three-quarters of drivers in the survey said they would consider an alternative fuel vehicle for their next car.

The newest generation of car buyers, millenials, cited fuel economy as having the “greatest impact” on future vehicle purchases (New Vehicle Customer Study). Even more, fuel economy has spanned across all vehicle segments, from SUV’s and particularly in smaller cars. It’s even broke into the sports car market; buyers marked it as a top purchase reason for the first time in 2011.

What matters to your in your vehicle? Is fuel economy a top priority? Or are other factors more important? We’d love to hear from you.

No other insurance agency covers or provides Orlando auto insurance like we do at Newman Crane. Our specialty is in making sure that our clients and their vehicles are protected against unforeseen damages and injuries. Contact us today for more information about our auto insurance programs.

Source: Wall Street Journal

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