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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.

Nissan Leaf keeps plug-in vehicle sales crown for 6th straight month

And Nissan makes it 14 in a row. For the 14th straight month, the all-electric Leaf has had "record sales," according to Nissan's marketing team. What that means is that for that particular month (in this case, April) no matter what year you look at, the car sold more than it ever did before. For April 2014, the 2,088 Leafs sold represents a 7.8-percent increase from 2013. Nissan's director of EV sales and marketing, Toby Perry, said in a statement that the "new market" of Cincinnati made the top 25 list for Leaf sales areas in April, so the car's popularity continues to ebb and flow across the US. Over at Chevy, the Volt sold 1,548 units in April, reaching a year-to-date total of 5,154. The Leaf is outpacing that with 7,272 YTD sales. In 2013, the Volt outsold the Leaf by about 500 vehicles, but Leaf sales are up 33 percent year-over-year while Volt is down 7.1 percent. The Leaf has also outsold the Volt for six straight months. But we're excited for every eco-car sale, and that's why we'll have our monthly detailed write-up of the rest of the plug-ins, hybrids and diesel vehicles available soon. Until then, discuss. Green Chevrolet Nissan Electric Hybrid PHEV ev sales

Bob Lutz builds the case for a mid-engined Corvette

Rumors of a mid-engine Corvette are like automotive industry folklore at this point. Every once in a while, news pops up that it might be happening or is under development, but nothing actually ever comes to fruition as something people can actually buy. The latest spy shots strongly suggest a mid-engine 'Vette is in the cards, yet again, possibly for 2018. Now, an op ed by former General Motors executive (and definite performance car fan) Bob Lutz in Road & Track gives the inside scoop on the history of one of these proposals and lays out how to make it happen today. According to Lutz, the company's engineers believed the C6 ZR1 was at the limit for front-engine, rear-wheel drive performance in that package, and the only solution was to move the powerplant behind the driver. Lutz even got then CEO Rick Wagoner on board. The scheme made it at least as far as clay models for mid-engine versions of the 'Vette and Cadillac XLR. Eventually, a lack of money got in the way, though, bringing the project to an end. Lutz puts a lot of faith in GM's current leaders, especially Mary Barra and Mark Reuss. He thinks the chances of a mid-engine 'Vette happening this time are better than 50 percent. The model, rumored to be named Zora, could offer over 700 horsepower in an ultra lightweight body and be priced at about $120,000 to "suck the doors off everybody." Head over to Road & Track to get some insights from this highly respected and entertaining auto industry veteran. Related Video: