Long and other economists cited several different factors for continuing to feed the overall consumer and credit union member appetite for both new and used cars. These included continued, pent-up demand from the Great Recession, as well as continuing low interest rates and relative economic stability.

“I think we are probably going to see strong demand until interest rates rise, and as long as we don't start to see big layoffs and there is not any government shutdown,” Joe, a sales manager at a new car dealership in the Washington, D.C. area, said. He asked not to use his full name because his company had not authorized him to speak to the media.

Layoffs from firms that are big enough to hit the news spool consumers and make them think they might as well keep driving their old car a little bit longer, Joe explained. In addition, government shutdowns that furlough government workers, even temporarily, have a toxic impact on the economy in Washington, especially on auto sales, he added.

“I remember like a year ago, we were set for what looked like a strong weekend,” Joe recalled. “The weather was good, Ford had a new ad campaign up and it just looked solid, so I had all hands on deck. Then some of them bastards on Capitol Hill came up on Friday saying that a budget compromise didn't look likely. Shot the whole damn weekend. I was left with staff standing around Saturday. But as long as those two things don't happen, we are looking for a good summer into fall.”

The continued consumer demand was remarkable given that it came in the face of rising prices for automobiles and light trucks, economists observed.

The average selling price of new automobiles rose by 2.9% in June from a year ago to $30,508, according to industry research site TrueCar.com. The average June incentive was $2,432, up a slight 1.5% compared to the same period last year.

Read more: Consumers go for fuel efficiency and the latest technology …

Auto economists pointed out in media reports that consumers remained eager to trade in aging vehicles to buy new models that are more fuel efficient and equipped with the latest technology. Low interest rates and easier access to credit are also helping to boost the auto sector.

In addition, the economists observed that a strengthening housing sector bolstered the purchase of pick-ups and light trucks, which are higher-margin products in general for auto manufacturers. Rising housing prices also helped consumers refinance existing mortgages to lower interest rates, freeing up money for car payments.

GrooveCar, a credit union auto-buying service based in Hauppauge, N.Y., reported that interest rates for credit union-financed cars remained low and suggested members were helping to handle higher prices with longer loan terms.

“In the New York metro region, we are seeing credit union rates as low as 1.45% for a 60-month new car loan and 1.64% for a 72-month loan,” Groove Car Senior Vice President Frank Rinaudo said. “Pre-owned vehicle loans can now be obtained below 2% for 60- to 72-month terms. New and pre-owned auto loans are seeing double digit growth over first quarter 2014. The industry is reporting 14 straight months of gains for new car sales. This is not surprising given the rates and the improving economy.”

He added, “The majority of loans that a GrooveCar credit union is funding are greater than 66 months. Members are turning to credit unions for savings as the relationship is at an all-time high due to excellent finance opportunities.”

Brenda Gilmore, executive vice president for the $287 million Partner Colorado Credit Union, in Arvada, Colo., noted she hasn't seen any signs of the market slowing down.

Gilmore attributed the steady market to the Denver area's strong economy, and reported that members are still financing automobiles and trucks with longer-term loans.

“I really think the loan terms are payment driven,” Gilmore said. “People are very focused on affordability and a longer term helps keep the monthly payment manageable.”

Jeff Cain, vice president of marketing for the $531 million, 68,000-member Sandia Area Federal Credit Union, said the Albuquerque, N.M.-based credit union had also seen strong demand for cars continue and noted the credit union was somewhat insulated from the area's economic trends because its field of membership includes a percentage of government employees.

He also put the longer loan terms in the context of relatively few consumers actually holding the car for the full term.

“We educate our members all the time about the overall higher price of a longer-term car loan, but in the end affordability trumps,” he explained, adding that few consumers actually take the full term to pay off the car, and that they either sell it or make additional payments before the end of the term.