Camry, Accord—2 Best-Selling Cars In U.S.
Our two youngest sons, ages 18 and 20, have grown up with little idea of the distinction between domestic and imported cars. Toyota and Honda are familiar brands that seem just as American to them as Ford or Chevrolet. Throughout the second decade of their lives, the Toyota Camry and Honda Accord midsize sedans have been the 2 best-selling cars in the U.S.—quite a difference from when the Ford Taurus was the top selling car (1992 through 1996). This year will be the 11th consecutive year that the Camry and Accord are the top-selling cars in the U.S., according to data from J.D. Power and Associates.
One of our senior research analysts, Tom Libby, points out that since late 2004, several all-new midsize car models (Ford Fusion, Mercury Milan and Dodge Avenger—which replaces the Dodge Stratus) or redesigns (Nissan Altima and Chrysler Sebring) have been introduced—all with the goal to cut into the lead of the Camry and Accord. However, Camry and Accord owners have remained remarkably loyal, Libby says.
Trade-in data from the Power Information Network (PIN), a division of J.D. Power and Associates, indicates that the loyalty of Camry and Accord owners has remained remarkably stable during the past 3 years. Libby said that Camry and Accord owners' loyalty to their respective models actually climbed considerably when each model was redesigned.
The sixth-generation Camry was introduced in March 2006 as a 2007 model. During the first and second quarters of 2006, 35% and 35.5% of Camry owners traded for the new Camry. Nearly two years later, in the fourth quarter of this year (October through December 16, 2007) the percentage of owners trading for another Camry was even higher (35.8%).
Loyalty to the all-new generation 2008 Accord, which was launched in September 2007 also, has climbed. Before the redesign in the second quarter of 2007, less than one-fourth (24.7%) of Accord owners traded for another Accord. After the redesign in the third quarter of 2007, the percentage jumped six points to 30.8% and in the fourth quarter, more than one-third of Accord buyers (35.8%) traded for the Accord model.
More than 772,000 new Camry and Accord models were purchased through the first 11 months of the year and both models accounted for 37.6% of the midsize conventional car segment's sales, according to the J.D. Power and Associates Sales Report. Both models also fare better than most in terms of initial quality and dependability on our firm's studies, which influenced my husband and me to buy a used Camry and Accord for our two youngest sons. Who knows what they will select when it comes time for them to buy their own vehicles? But it's likely to be what they see as an American model—a Toyota or a Honda.
