In case you fill up your gas tank so infrequently that you hadn’t noticed (lucky you!), fuel prices here in the United States are on their way back up. According to a recent Kelley Blue Book study, 87-percent of new-car shoppers said they thought gas prices would go much higher. Seems like the obvious choice to us, too.
Curious what those expectations for rising fuel costs are having on new-car purchasing decisions? KBB’s got a statistic on that, too. More than 60 percent of in-market new-car shoppers said that rising gas prices have either caused them to change their minds completely or at least made them think about vehicles they normally wouldn’t have considered. For instance, consumers may opt for a four-cylinder or V6 engine instead of a more powerful and furl-thirsty V8.
KBB’s data further indicates that $3 gallons of gas may be the new tipping point that will get consumers to alter their spending habits. See more in the official press release after the break.
Photo by Peter Kaminski. Licensed under Creative Commons license 2.0.
KBB: Shoppers likely to change vehicle choices as gas prices rise originally appeared on AutoblogGreen on Mon, 15 Jun 2009 11:51:00 EST. Please see our terms for use of feeds.