High gas prices put a change on how and where one spends their money – however, it also puts a dent in how much they drive. According to the Federal Highway Administration Americans drove 15.5 billion fewer miles in the first half of 2011, the lowest level since 2004.
According to the Federal Highway Administration, U.S. drivers drove 1.453 trillion miles through June 30, down 1.1 percent over the first half of 2010. During the first half of 2004, Americans logged about 1.451 trillion miles.
In June, travel fell 1.4 percent to 259.1 billion miles, down 3.8 billion miles.
What does this mean for automakers? Well, if Americans drive less, they are more likely to hold onto their older cars.
– By: Omar Rana
Source: Detroit News