General Motors is already raising the price of its newly-introduced light-duty pickup trucks.
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Trading up for the newest model used to be the norm, but a faltering economy and widely improved reliability are both stretching how long consumers keep their cars.
The result of high gas prices, Americans drove 15.5 billion miles less in the first half of 2011. The Federal Highway Administration reported that U.S drivers logged 1.453 trillion miles through to June 30 which is down 1.1 percent over the first half of 2010. The last time Americans drove less was back in 2004, when they logged 1.351 trillion miles (at the half way point), according to the government.
The all time high for first-half travel occurred in 2007 with 1.497 billion miles. June in particular was a month of few miles. Travel fell 1.4 percent to 259.1 billion miles, down 3.8 billion miles. In contrast to 2011, Americans drove three trillion miles in 2010, which has a direct correlation with lower gas prices. With gas prices the way they are, Americans are driving less, and according to recent studies are also more likely to hold onto older cars.
[Source: The Detroit Auto News]