$3-per-gallon Gas a New “Pain Threshold” for Car Buyers

June 16, 2009 · Filed Under Automotive Industry, Eco-Driving, Saving Money

Americans are less optimistic today than they were earlier in the year about gas prices going down, according to a new survey by Kelley Blue Book.

Eighty-seven percent of new car shoppers last month said they think gas prices will go much higher, up from 66 percent in April.

The prospect of higher gas prices also is having an impact on purchasing decisions.

When asked what they would be most likely to compromise in their next new-vehicle purchase, shoppers cited engine size as the top item likely to be sacrificed, followed closely by vehicle size.

In addition, 73 percent of those who saw gas prices increasing in May said they plan to change their spending habits if gas prices were to go much higher.

“While we may not see the $5-per-gallon gas experienced in some areas last year, current economic conditions compounded by the pain at the pump may make $3-per-gallon gas a new threshold for car buyers – the point at which they change their mind about what vehicle to buy and how they spend their money,” said Jack R. Nerad, executive editorial director and executive market analyst for Kelley Blue Book and KBB.com, in a news release.

Comments

One Response to “$3-per-gallon Gas a New “Pain Threshold” for Car Buyers”

George on June 23rd, 2009 11:31 AM

Hey Kelly Blue Book…Thanks for stating the obvious! No kidding people are not optimistic about fuel prices, when you see the price jump higher and higer every day.

Seems like we are just riders on this crazy fuel price roller coaster.

Leave a Reply