5 things we learned from February auto sales

Auto sales continued to be healthy in February, although the industry overall and several individual makers came in short of optimistic expectations as the month tailed off.

"Many people were predicting a hot February, but that wasn't the case for several OEMs. Perhaps it was the weather (though last February also saw bad weather), perhaps it was the sudden gas price increase, but hopefully March will fare better," said Akshay Anand, a Kelley Blue Book analyst.

The industry's seasonally adjusted sales pace in the month was 16.23 million, up from 15.41 million units a year ago, according to Autodata, but short of forecasts of 16.5 million or higher. Sales of cars and trucks overall were up 5.3% from a year ago, and trucks and SUVs again led, with sales up 15.2% vs. 2.8%.

A key takeaway from those results, says TrueCar: It's a great time to shop for a sedan. The Ford Fusion topped the car buying and selling site's February list of best savings on new vehicles, with an average transaction 14% off the sticker. Other good buys: Hyundai's Elantra compact sedan and the Chrysler 300C big sedan, with each selling at least 10% below sticker.

"TrueCar's data illustrates a change in consumer preference, with transaction prices reflecting generous savings for savvy consumers interested in compact, midsize and large cars this month," said John Krafcik, president of TrueCar.

More February details:

• The average new-vehicle transaction price rose $1,145, or 3.6%, in the month, according to Kelly Blue Book, to an estimated $33,299. "An expected higher mix of SUVs, particularly full-size and mid-size, is helping drive the overall industry average upward," said Alec Gutierrez, senior analyst for KBB.

• South Korea's Hyundai-Kia had the largest gain in transaction prices among major makers, according to Kelley Blue Book, with a 6.6% rise from a year ago. Hyundai was up 8.3%. led by the redone Genesis sedan's 22% gain. Kia brand was up 4.8%.

• Incentive spending averaged $2,623 per vehicle, down 2.9% from a year ago and up 1.4% from January, according to TrueCar. "Automakers should expect to post net revenue gains this month," said Eric Lyman, VP of industry insights for TrueCar. . "With overall restrained incentive spending, natural consumer demand is driving the increase in sales this month."

• The average window-sticker gas mileage rating of new vehicles sold in the U.S. in February was 25.2 mpg —down 0.2 mpg from January, according to the University of Michigan Eco-Driving Index calculated by researchers Michael Sivak and Brandon Schoettle. Overall, vehicle fuel economy is up 5.1 mpg since October 2007 when they first began monitoring.

And here are 5 big things we learned from February sales results:

1. Buyers are taking some big risks with extra-long car loans

The long auto loans so common and tempting these days have teeth and can bite.

A new-car loan today averages more than 67 months, and it's easy to find lenders offering 72-, 84- and even 96-month terms. Spreading the pay-back that way keeps payments down and lets you buy a pricier machine than you thought you could afford.

But cars lose value faster than borrowers can pay off extended loans, which are about one-fourth of all new-car loans, so it can be years before you have something of value you can trade in without first paying off a balance. And most insurance policies pay what the car's worth if its totaled – probably less than what you still owe if you have a long loan.

FULL DETAILS: Long car loans can be lots of trouble

2. Sales lag for redesigned Ford F-150 as production ramp-up continues

Sales of the Ford's F-Series pickups were down 1% in February as inventory lagged because of the changeover to the redesigned, aluminum-body 2015 version. But Ford executives say dealers should be fully stocked by the end of June. That's because the retooling of a second assembly plant -- Kansas City -- is complete and it should be adding to production by the end of the month.

Only 21% of February F-150 sales were the new model because of the limited number to sell, but the 2015s available are only staying on dealer lots an average of eight days, said Mark LaNeve, Ford vice president, U.S. marketing, sales and service. The top trim levels, the King Ranch and Platinum, are being sold in 16 days and 12 days, respectively, LaNeve said..

The F-150 is Ford's profit driver and as such, its sales are watched more closely than most vehicles. The automaker's decision to scrap a steel body for a lighter aluminum one for this new generation of truck only increased the scrutiny. Wall Street wants to ensure it is not a costly mistake and a drag on the bottom line. Ford's competition, meanwhile, is monitoring the move as they weigh whether to follow suit down the road as a help in meeting fuel economy regulations.

And everyone wants to see consumer reaction to the change.

FULL DETAILS:F-150 drags on Ford sales, K.C. plant coming online

3. Camry bumps a pickup in Top 20 best-seller list

Pickup truck and SUV sales remained strong in February, but after months of Detroit's three-pickup domination of the Top 20 Toyota's Camry's sedan muscled past FCA's Ram to take third place, a spot it hasn't seen since July. Overall, however, SUVs and trucks remained strong in a month with a lot of Top 20 movement.

FULL DETAILS: Trucks, SUVs strong but sedans hold own in Top 20 best-seller list

4. Automakers are piling on discounts to sell electric cars

Automakers continue to sell electrified cars despite lower gas prices -- but only, in many cases, with dramatically increased sales incentives. The average discount on an electric car in January, the latest available, was $10,700, up $2,200 in a single year. That compares to $2,600, up $675, on hybrid cars and $1,100, up $100, on conventional compact cars, according to an analysis by Kelley Blue Book at the request of USA TODAY.

Automakers are having give up a lot, if not all, of their profit margins on electric cars to goose sales -- and taxpayers are kicking in, too, with the $7.500 federal subsidy.

FULL DETAILS: Big discounts on plug-in cars.

5. Hot and cold sellers, good cars that might be deals in March

Once again, as winter weather covered even more of the U.S. than in January, SUVs and trucks were hot, accounting for 15 of the 19 vehicles spending the least time on dealer lots before sale in February, according to shopping site Cars.com.

But also driving sales was the appeal of new models -- 11 of the 19 fastest-selling cars in February were significantly changed or completely new. The group of fresh products together sold in an average of just 15 days while the average for all new cars was 47 days.

And, as we do every month, we give you Cars.com's picks for good deals in the current month -- a list of vehicles generally liked by the editors but which are being overlooked by buyers for one reason or another and are selling slowly. This could motivate dealers offer enough of a discount to make up a buyer's mind.

FULL DETAILS: Fastest-, slowest-selling vehicles and picks for deals