(General Motors)
GM sets price for new luxury car on low end
General Motors will price its newest luxury compact, the Buick Verano, on the low end of its class, starting at $23,470, including shipping. The 2012 Verano, which goes on sale late this year, will give Buick its first entry-level compact in decades and help the brand compete with more established upscale rivals in this fast-growing segment. The Verano's starting price is about $3,800 less than the similar-size Audi A3 and $9,800 cheaper than the Lexus iS. The highest trim level will retail for $26,850 and come with the same leather materials used in the LaCrosse.
--New York Times News Service
(The Associated Press)
Drivers keeping cars longer, buying too
Although drivers are keeping their vehicles longer, the trend has had little impact on new vehicle sales. New automobile sales are up nearly 11 percent for the year thanks to pent up demand caused by the recession, says Michael Robinet of IHS Automotive. In addition, many two-car families are looking to replace at least one vehicle, says Lonnie Miller, an analyst for Polk, Southfield auto research firm. Based on data from the second quarter of 2010, owners kept their vehicle an average of 63.9 months, or more than five years, an increase of 4.5 months from the same time in 2009, according to Polk.
--New York Times News Service
Exports keeping gas prices high for US drivers
Oil prices have fallen, but U.S. motorists aren't benefiting because the nation's refineries continue to boost exports and reduce supplies available domestically. As of Sept. 6, the average price was $3.674 a gallon -- 99.2 cents higher than a year earlier, according to the Energy Department's weekly survey of service stations around the U.S. Much of the refined product involved in the exports is diesel, meaning that refineries are devoting more of their production to that fuel at the expense of gasoline. The customers are mostly in Central America and South America.
--The Associated Press
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