General Motors reports steady auto sales and loan repayment trends even as gasoline costs rise by $857 annually for U.S. consumers.
General Motors CEO Mary Barra said the automaker has not observed a significant change in consumer purchasing behavior despite a $1 per gallon increase in gasoline prices. March data showed lower-income households spent 4.2% of income on gas, up from 3.9% a year ago but below 2022 levels.
Gasoline card spending surged 16.5% month over month as consumers used credit to cover higher fuel costs. Economists estimate the Iran conflict has raised average annual gasoline expenses by $857 for Americans. Middle- and higher-income sentiment dropped sharply amid market volatility.
Barra highlighted GM’s six models priced under $30,000 and noted car buyers continue to repay auto loans on time. The company is monitoring the situation closely but has not detected a downturn in demand.