Americans are snapping up small cars again, not because they want to, but because it’s what they can afford.
Higher sticker prices, plus lofty borrowing rates, are making it harder for people to buy the new car of their dreams, so they often have to settle for a smaller vehicle or look for a bargain on a used car.
Small car sales are outpacing the rest of the market this year, according to Cox Automotive data.
While overall vehicle sales were up about 2% nationwide in the first half of 2024, subcompact crossover utilities grew more than 20%.
Compact cars and SUVs also increased 18% and 12% respectively, per Cox.
Full-size pickup truck sales, meanwhile, were down 4% for the first half.
Read more at Axios.com
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