LeaseTrader.com, the most recognized name in car leasing, says demand for mid-size trucks and SUV leases has rebounded in just a short time since gas prices have fallen from their springtime highs around $4 per gallon.
The Energy Department’s Energy Information Administration said this week that national gas prices have dropped approximately 46 cents since early May, currently sitting near $3.50 per gallon. Gas prices have been a largely discussed topic since February when they rose sharply, peaking at a national average of $3.97 in early May.
Demand for vehicle leases in the mid-size truck and SUV category on LeaseTrader.com has risen an average of 8.3% compared with June 1 levels. The trend bodes well for the recreation vehicle industry, which has seen a jump in lightweight trailer sale capable of being towed by smaller trucks and SUV’s.
“Throughout spring when gas prices rose sharply, the anticipated ascension of fuel-efficient vehicle demand came to fruition,” said Sergio Stiberman, CEO and founder of LeaseTrader.com. “But interest in mid-size trucks and SUVs was more prevalent than in 2008 because of a stable economy. With gas prices easing off their highs, car lease shoppers have started to inquire about truck and SUVs, feeling less financial pressure at the pump.”