While muted panic over the current gas price increase stems from the 2008 price explosion, LeaseTrader.com believes drivers will continue to pump with current habits until the price exceeds $4 per gallon.
The nation’s most popular online car leasing marketplace, LeaseTrader.com is using data and models from 2008 that show when consumer behavior will turn to action, with drivers reducing fuel consumption and realizing they should downsize into a more fuel-conscious vehicle, according to a news release.
Since 2008 the auto industry has done an exceptional job engineering more fuel-efficient cars, but there are still plenty of large vehicles on the roads, many which were culprits just a few years ago. Economists are weary that rising gas prices could potentially toss a healing American economy back into recession depending how drastically gas prices spike.
Fuel prices reached a national average of more than $4 per gallon in the summer of 2008. Many drivers turned to LeaseTrader.com and exercised their option to transfer out of their SUV leases as they sought smaller, more fuel-efficient cars. These drivers transferred their leases to small businesses and families shopping for short-term contracts with enough room for work projects and growing families. Similar trends are expected this spring and summer depending on where the price of gas lands.
“The average driver goes through a series of psychological stages when gas prices rise,” said Sergio Stiberman, CEO and founder of LeaseTrader.com. “During the uptick, concerns and complaints heat up when we pass certain price benchmarks, but widespread behavior doesn’t actually change until we reach $4.00 per gallon.”
Car makers today produce more fuel-efficient cars and fewer Hummer-type vehicles that filled the roads in 2008. LeaseTrader.com again anticipates an influx of vehicle models for transfer, including the Chevy Silverado and Avalanche, Cadillac Escalade, GMC Sierra, Ford Expedition, Mercedes GL, and BMW X5.
LeaseTrader.com, the most recognized name in car leasing, easily and affordably matches car shoppers with individuals looking to escape their auto lease. Visit www.LeaseTrader.com, on Twitter @Lease_Trader, or call (800) 770-0207.