Many conditions in the automotive market are improving, and specific manufacturers are seeing positive returns. The spikes in vehicle sales may signal not only more drivers hitting the road, but more car insurance policies being taken out, as well.
Toyota Motor Sales U.S.A., Inc., noted that nearly 169,000 units were sold in October. This was approximately 4.8 percent higher than the same month in 2012, when comparing daily selling rates. When just looking at the 27 active sales days this past month, along with the 26 days in October of last year, the figure jumped 8.8 percent.
"Consumers showed resiliency in October with steady auto sales despite headwinds caused by the government shutdown," said Bill Fay, group vice president and general manager for Toyota. "The growth in the auto industry continues to play a leading role in the economic recovery, and Toyota is on track for a strong close to the year."
The most impressive section of the company's sales came from its Toyota Division, which was more than 146,200 units sold, the report explained. This was 8 percent higher than during October of last year. The company's other brand, Lexus, had more than 22,700 sales, which was 14.5 percent higher than 12 months earlier.
Vehicle prices improve across industry
Another positive situation for the car market is the recent improvements in vehicle prices, which have complemented the heightened sales levels.
The average price for a vehicle in October was $30,798, according to a report from TrueCar. This figure was $312 - or 1 percent - higher than the same month one year earlier, as well as $206 - or 0.7 percent - improved from one month earlier.
"Expect to see incentives to jump in the fourth quarter - competition for market share will be fierce," said Jesse Toprak, senior analyst for TrueCar. "Average transaction prices continue to hover around record levels thanks to the consumers' demand for vehicles loaded up with options."
Toyota was one of the companies that registered a record-high pricing level during the month, the report explained. The latest figure was $29,463, which was 5.6 percent higher than one year earlier. General Motors, Volkswagen, Ford and Chrysler all posted record-high prices during the month, as well.
With prices rising, it may benefit some motorists to look at cheap car insurance quotes to find something that better fits their budgets.