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Are Gas Prices Impacting New-Car Shoppers?

Most Surveyed Are Interested In Hybrids

POSTED: 6:53 am MST June 25, 2008
UPDATED: 7:26 am MST June 25, 2008

Skyrocketing gas prices are impacting the types of vehicles that new car shoppers are considering, a new study finds.

According to a Kelley Blue Book Marketing Research study, in-market new-car shoppers are looking for more fuel-efficient models and adjusting their purchase timing.

The June 2008 study results reveal that high gas prices have caused 72 percent of new-car researchers to change their vehicle shopping behaviors, with another 42 percent indicating they are delaying the purchase of a new vehicle, removing themselves from the market completely for the time being.

Consumers still currently in the market to buy also are affected by gas prices, as 30 percent of new-vehicle shoppers said that gas prices have either changed their minds or made them strongly think about vehicles they normally would not have considered.

"When the pain at the pump becomes this severe, it causes new-car shoppers to seriously reconsider their options when thinking about which vehicle to buy and when to buy it," said Jason Allan, online content editor for Kelley Blue Book and kbb.com.

Among the fuel-efficient models being considered, hybrid vehicles are becoming increasingly popular. Awareness of hybrid vehicles has reached an all-time high, with 97 percent of June study respondents saying they are aware of hybrids.

In addition, 63 percent of new-car shoppers said they are interested in hybrids, and nearly half -- 47 percent -- see hybrids as most likely to become a mainstream fuel system.

The Honda Civic Hybrid is the hybrid vehicle most considered among new-vehicle shoppers at 37 percent, followed by the Toyota Camry Hybrid and the Toyota Prius, both at 32 percent.

"Hybrids are getting more attention now than ever before because consumers are looking for immediate solutions to the seemingly here-to-stay problem of high gas prices," Allan said.

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