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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.

Driving Granatelli's turbine-powered 1978 Chevy Corvette [w/video]

With its curvy snout and feminine haunches, the third-gen Chevrolet Corvette looks like a dreamy – if dated – exemplar of Sports Car Fantasy 101 when viewed through modern eyes. This particular specimen circa '78, clad in silver and black paint with red pinstripes, appears to be a well-preserved example from the era. Apart from its low-profile Pirellis, slightly raised and slotted hood, spacious stance and a certain hand-painted descriptor alongside its crossed flag logos, you'd never guess there's a Space-Age propulsion unit powering this Coke bottle-bodied ride. Climb inside, and you're presented with aircraft gauges and big, colorful square buttons in the center panel. It takes a push of the "Ignitor" button, a tap of the starter button, and a slide of a T-handle for this nearly 40-year-old sports car to start sounding like Gulfstream G650 ready for takeoff. Yep, you're sitting in an 880-horsepower, turbine-powered Corvette, the only one of its kind in the world. Welcome to the whoosh. What The...? Built by Vince Granatelli, son of Indy 500 guru Andy Granatelli, this curious Corvette came into being by cramming a Pratt & Whitney ST6N-74 gas turbine engine into the donor car's lengthy front end. The same type of Jet A-burning mill powered Granatelli Senior's STP-sponsored racecar at the 1967 Indianapolis 500, where it famously led most of the 198 of 200 laps until a $6 transmission bearing failed, knocking it out of the race. The idea of turbine power usurping internal combustion was so threatening that Indy's governing body restricted turbine performance into obsolescence thereafter. A turbine-powered Corvette sounds excessive because it is. But there are also things about this 880-horsepower, 1,161-pound-feet monster that might surprise you. While it smacks of futurist exoticism and cost a then-dizzying $37,000 in 1967, the Canadian-built powerplant uses 80 percent fewer parts than an internal combustion V8 and will run on virtually anything combustible – whiskey, diesel, even Chanel No. 5. Though it's triple the length of a V8, the Pratt & Whitney beast weighs only 285 pounds. It's also one hell of a robust workhorse, typically serving as an auxiliary power unit for commercial aircraft or a generator in oil fields, where it can run for tens of thousands of consecutive hours before needing an overhaul. To adapt the Chevrolet for jet duty, the nose section was gutted and a sub-frame was built to compensate for the loosey-goosey front end.

Chevy Spark EV will go on sale in Maryland

The single-charge range of a Chevrolet Spark electric vehicle may not blow away anyone who's used to driving on a topped off tank of gas. But a full charge will actually get a Spark EV about halfway across the state of Maryland. Which is good because that state will be the first on the East Coast to sell the battery-electric model. General Motors said this week that Chevy Spark EV sales will start in Maryland this spring, and that federal and Maryland tax credits will get the out-of-pocket price of the Spark EV below the $18,000 threshold. GM took the opportunity to tout the Spark EV's 119 miles per gallon equivalent rating and says Maryland has sufficient charging infrastructure for drivers to welcome the EV without too much trouble. Last June, Spark EV distribution was reported to be ready to extend beyond the Pacific Coast. Specifically, Ohio was thought to be next in line to get Spark electric vehicles after four state car dealerships listed the model on their websites. GM's Randy Fox, however, quashed that real quick, saying only California and Oregon had sufficient infrastructure to support the Spark EV. GM first announced the Spark EV for public (or at least American) consumption back in 2011. Last year, the General sold 1,145 Spark EVs, up 87 percent from 2013. For more on the Maryland expansion, take a look at GM's press release below. Chevrolet Spark EV Plugs into Maryland Customer demand drives addition of East Coast; features locally sourced drive unit 2015-01-22 WASHINGTON, D.C. – Chevrolet will start selling the Spark EV in Maryland this spring, expanding the pure electric mini-car's "range" to the East Coast. The Spark EV is the most efficient U.S. retail electric vehicle on the market, delivering an EPA-estimated combined city/highway 119 MPGe fuel economy equivalent and 82 miles of EPA-estimated combined city/highway range. It is priced as low as $17,845, after federal and Maryland tax credits – and it features a locally sourced electric motor and drive unit, manufactured at General Motors' Baltimore Operations facility in White Marsh, Md. "The Spark EV has been one of the most well-received electric vehicles in the industry and customer demand helped make the decision to expand its availability to Maryland," said Steve Majoros, Chevrolet director of car marketing.