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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.

Ford Mustang Shelby GT350R named Road & Track Performance Car of the Year

With a 526-horsepower, 5.2-liter V8 that roars to 8,250 rpm, it's really hard to consider the 2016 Ford Shelby Mustang GT350R an underdog in any fight. However, the Shelby held the lowest as-tested price and was only middle of the pack in terms of power in Road & Track's 2016 Performance Car of the Year challenge. The 'Stang's numbers clearly didn't tell the whole story about the potent coupe because Ford's muscle car grabbed the title in this year's test. A model needs to be new or significantly updated to be eligible for the honor, and R&T found an impressive slate of eight candidates this year. The challengers included the Bentley Continental GT3-R, Cadillac ATS-V Coupe, Chevrolet Corvette Z06, Dodge Viper ACR, Mercedes-AMG GT S, and Porsche Cayman GT4. The Ferrari 488 GTB was the most expensive of the bunch with an as-tested price of $347,942, which is five times more than the Shelby. Once the group was together, R&T hustled them over curving roads and on the National Corvette Museum Motorsports Park. There was a lot to love about the Shelby, even in this impressive crew. "With a flat-plane crank and Sport Cup 2 tires, the GT350R is a Mustang turned up to 11," editor-in-chief Larry Webster said in the announcement of the results. The GT350R joins some great company. Past winners include the Porsche 911 GT3 last year and the Corvette in 2013. For some fantastic photography and the complete appraisal of these performance machines check out R&T's website for the full story. Related Video: ROAD & TRACK NAMES THE FORD MUSTANG SHELBY GT350R THE 2016 PERFORMANCE CAR OF THE YEAR New York, NY (November 9, 2015) – Road & Track today named the Ford Mustang Shelby GT350R the 2016 Performance Car of the Year, beating out seven of the world's best new sports cars. The article appears in the December/January issue, on newsstands November 17, and on RoadandTrack.com. "With a flat-plane crank and Sport Cup 2 tires, the GT350R is a Mustang turned up to 11," said Larry Webster, editor-in-chief of Road & Track. "Not only does the car have soul and harness so much firepower with such ease, but the real achievement here is that it's so approachable. It's a car you can't help but love." The Mustang Shelby GT350R was the winner by a runaway vote.

GM Recalling Another 2.7 Million Vehicles In Five Separate Campaigns

The recalls keep rolling in from General Motors, evidently keen to avoid repeating the mistakes of the ignition-switch debacle and clean house. This time they're all coming at once, with five separate recalls announced together covering approximately 2.7 million vehicles. The largest of the five actions involves over 2.4 million units of the previous-generation Chevrolet Malibu and Malibu Maxx, Pontiac G6 and Saturn Aura in order to fix brake light wiring harness, which have been found to be susceptible to corrosion. The recall is separate from the 56k Aura sedans which GM recently recalled over faulty shift cables, not to mention the previous massive recall of 1.3 million vehicles – some of them the same models – but appears to have resulted from the National Highway Traffic Safety Administration investigation that started with the G6 almost a year ago. The second-largest campaign involves the 2014 Chevy Malibu, specifically those fitted with GM's 2.5-liter engine and stop/start system, approximately 140,000 examples of which has been found to have problematic brakes. The issue does not appear to be connected to the recall of 8k Malibu and Buick LaCrosse sedans (also involving brake woes) which we reported upon last week. Four crashes have been reported in such models, but GM admits it's not yet clear if the problem was a contributing factor in the accidents. A further 112k Corvette models from the 2005-2007 model years are being called in for problems with their low-beam headlamps resulting from a flexing relay control circuit wire that's not meant to bend. GM says it is "aware of several hundred complaints" about this issue, but notes that there have been no reports of related accidents. In addition, over 19k examples of Cadillac CTS from the 2013 and 2014 model years are being recalled over windshield wipers that might not work after a jump start. Finally, GM is also bringing in 477 examples of its 2014 Chevy Silverado, Tahoe and GMC Sierra (though not the Yukon) to fix a problem with a tie rod in its steering rack. As ever, all recall repairs will be performed free of charge, and GM is now estimating that recall-related actions this quarter will result in an estimated $200-million charge against its second-quarter earnings. Read the full announcement from GM below for further details.