As summer approaches, so does the inevitable spike in fuel costs. Now that gasoline is $3 a gallon and not expected to dip below this threshold anytime soon (it could even hit $3.50 before 2007 is in the books), the automotive industry is bracing for a shift in how people buy vehicles. According to a recent survey, there is definitely change in the air, though maybe not what some automakers were expecting.
Burst! Media recently polled about 600 individuals planning to purchase a vehicle in the next twelve months. Although slightly more than ten percent of those polled said they were postponing their buying decision because of rising fuel costs, 21 percent said they actually sped up their purchase date for a new vehicle.
For automakers with a more fuel-efficient lineup, this is good news. Some car buyers are delaying their decision to purchase, but twice as many are accelerating that same decision. Also, of those polled, two-thirds say fuel efficiency will have an impact on the next vehicle they buy. While some of this is due to a rising environmental awareness, experts say it’s the refueling costs of gas guzzlers that really curtails their moving off the lot.
Manufacturers have taken notice – lately, the overwhelming majority of car commercials are stressing fuel efficiency. Many ads lately even stress fuel economy as their number one selling point. Chevrolet and Honda are good examples of this, running Super Bowl spots that solely highlight the fuel-sipping facet of their lineups.
The advertising strategy is working. Compact models such as the Toyota Yaris, Honda Fit, and Chevy Aveo are flying out of dealerships. Hybrid versions of popular cars like the Ford Escape and Toyota Camry, though they cost thousands more than their gas-engine counterparts, are quickly becoming a better investment. Many of these hybrids are now on waiting lists and automakers are trying to match supply with demand.
As for those gas guzzlers? There will always be a niche market for oversized trucks and SUVs, but their mainstream popularity is waning. Many models are being replaced by smaller, trendier ‘Crossover’ vehicles. Ford considers their new Edge crossover the ‘flagship’ symbol of their Moving Forward campaign according to Mark Fields, Executive Vice President.
In our corner of the marketplace, AutoExtra.com has noticed a shift as well. In the last twelve months, the fuel-sipping Honda Civic has become our site’s most sought after vehicle (and now has the highest resale value of any vehicle in the market). Searches for other high-gas-mileage vehicles continue to break records as well. At AutoExtra.com, we strive to bring you the latest and greatest happenings in the automotive universe. Stay tuned for more on the cutting edge of fuel technologies and remember: We’re all you need
Click to join AutoExtra1| AutoExtra.com Site Updates and Archives |
| Visit this group |
Subscribe to AutoExtra Insight by Email
