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The reason U.S. car sales surprised Wall Street? People still overspend on cars.

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Strong U.S. quarterly new-car sales surprised Wall Street this week, showing investors that rising interest rates, concerns about the health of the economy and still-limited new-car inventory did not stand in the way of new wheels for many Americans.

Ford Motor Co. F earlier Thursday reported an 11% increase in its U.S. second-quarter sales, following better-than-expected sales reports for General Motors Co. GM, Tesla Inc. TSLA and others earlier in the week.

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