TrueCar: Average Fuel Economy For New Cars Sold Rises Along With Gas Rates

Average fuel economy for new cars that shoppers are driving off the lots seems to be rising right along with fuel prices.

According to TrueCar.com, fuel economy numbers from June light vehicle auto sales indicate the average fuel economy for new cars sold increased to 23.1 miles per gallon in July 2012, compared to 21.6 mpg in July 2011, and increased from May 2012 at 23.0 mpg.

These calculations were made using TrueCar.com’s TrueMPG — an objective way to comprehend monthly fuel economy averages by brand, manufacturer, origin and vehicle segments using Environmental Protection Agency ratings based on estimated and/or actual monthly automotive sales-weighted data.
 
"There is a very strong correlation, nearly 71 percent, between TrueMPG and average gas prices since January of 2010, indicating that the prices at the pump influence consumer preferences, “ said Jesse Toprak, vice president of market intelligence at TrueCar.com.

“Manufacturers have been responding by offering a larger mix of smaller vehicles and improving efficiencies on their existing larger vehicle engines, as evidenced by the significant improvement in TrueMPG in the recent years,” he continued.

Breaking it down by region, the TrueMPG for vehicles sold by U.S. manufacturers averaged 21.0 mpg in July 2012, up from 20.2 mpg in July 2011.

European manufacturers increased their average fuel economy for vehicles sold from 21.3 mpg to 23.7 mpg.

Moving along to highlight Asian OEMs, Japanese manufacturers increased their average fuel economy from last year at 23.0 mpg to 24.4 mpg; and South Korean manufacturers increased their average fuel economy for vehicles from 24.6 mpg to 27.8 mpg, the site shared.

The company also provided the following charts to illustrate the results: