High Gas Prices Influence Auto Buyers

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May 24, 2006 by   Comments Off on High Gas Prices Influence Auto Buyers

While gas prices continue to flirt with $3-a-gallon, consumers are looking more closely at the size and fuel efficiency of their vehicles.
According to an Associated Press report, the latest Consumer Reports Auto Pulse Survey finds 37% of consumers saying gasoline prices are so high they are looking at replacing their current vehicles with more fuel-efficient vehicles – mainly hybrid models.
Of those who may replace their vehicles, 50% are considering gasoline-electric hybrids. Another 38% indicated they’re considering either flexible-fuel vehicles or diesel vehicles.
Hybrids currently make up just 1% of total new-car sales.
Even if they are not considering a hybrid, many consumers are looking to downsize. More than half of those planning to replace their cars say they’re thinking about a small car, compared with about 20% who are focusing on a family sedan or small SUV.

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