Survey: Gas Prices Influencing Car Sales
Kelley Blue Book recently released the results of a survey showing Americans were concerned about rising gas prices during the month of April.
The Kelley Blue Book Market Intelligence Survey found nearly 85 percent of consumers were influenced by gas prices when looking for a new car. An additional 90 percent reportedly believe gas prices will continue to rise over the next month.
More consumers were concerned with fuel economy as a main reason to purchase a new vehicle, and that number rose more than 10 percentage points from the beginning of the year. A total of 41 percent of car buyers preferred downgrades in engine size, while other downgrades such as smaller vehicles, switching to used cars and lowering vehicle options, proved popular.
Those with credit card debt may be adversely affected by the rising gas prices, as it could put a further strain on their wallets. In addition, consumers who deal with financial issues are less likely to be able to make payments on a new vehicle responsibly in the eyes of lenders, which can be a large problem for those who need a new or used car or truck.
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