The US auto market defied expectations for a slowdown by eking out another quarter of sales growth. But the high cost of financing drove Americans to opt for more affordable models.

Budget sedans and compact SUVs from Toyota Motor Corp. and Honda Motor Co. made eye-popping share gains in the first quarter, according to researcher Edmunds.com. Large pickup trucks – one of the industry’s priciest segments – lost ground in January and February, according to researcher GlobalData. Several brands, including Jeep, Tesla and Ford, reduced prices to win back inflation-weary consumers and spur demand in the sluggish electric vehicle market.