Gas Prices Are Changing the Way We Buy ~ Hybrid Car Review
Hybrid Car Review: Gas Prices Are Changing the Way We Buy

Tuesday, April 08, 2008

Gas Prices Are Changing the Way We Buy

The latest Kelley Blue Book survey results are in and not that surprising given how high gas prices have gone. Nearly 60% of vehicle shoppers have changed their buying behavior based on gas prices, while 43% say they will seriously consider a more fuel efficient car if gas prices go up even 25 cents more.

That's 11 percent more than just last month.

High gas prices are really beginning to affect the way people act and buy. But it's not over yet. U.S. Energy Secretary Sam Bodman said on Monday he is concerned that average U.S. gasoline pump prices could hit $3.50 a gallon this summer. He wasn't all that certain whether we would hit $4 a gallon. Current averages have us at $3.29, so even if we hit the lower mark of $3.50, that puts us up above the limit set in the KBB survey.

Press Release Follows

IRVINE, Calif., April 8, 2008 /PRNewswire/ -- According to the latest
Kelley Blue Book Marketing Research study (, an
increasing number of consumers say their purchasing behavior has shifted
and will continue to change significantly if gas prices continue to rise.
The latest 2008 results revealed that nearly 60 percent of vehicle shoppers
say gas prices have changed their minds or strongly influenced their
purchase decisions. Furthermore, 43 percent indicated they would seriously
consider a more fuel-efficient vehicle if gas prices were to swell an
additional 25 cents above current levels. Both measures are up 11 points
from the previous month's Kelley Blue Book Marketing Research study.

With average gas prices jumping from $2.97 to $3.27 in March, there is
ample reason to see why consumer attitudes are shifting. While the vast
majority of shoppers are indicating an alteration in their purchasing
behaviors, only 25 percent still have no intentions in changing their
behaviors, compared to 34 percent in February. The results also showed
consumers considerably more interested in all the various alternative fuel
technologies for fuel economy benefits and less for environmental reasons.

"The cost of gasoline is continually hitting new record highs, forcing
consumers to reevaluate their spending," said Jack R. Nerad, executive
editorial director and executive market analyst for Kelley Blue Book and "This study shows just how many are willing to make better
economic choices in order to save money and increase fuel efficiency. More
fuel efficient models are available on the market and now consumers have
that choice."

The latest Kelley Blue Book Marketing Research study was conducted on
Kelley Blue Book's among 1,100 in-market new-vehicle shoppers
during March 2008.

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