fuel:

Do Fuel Prices Really Affect Vehicle Purchase Intentions?

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Drivers today are shelling out nearly $4/gallon, on average, to fill up their vehicles, about 25 cents more than this time last year. But this added expense is not persuading consumers to ditch their SUVs for more fuel efficient small cars. Results from AutoPacific’s latest Fuel Price Impact Survey (FPIS) actually show SUVs being the top vehicle replacement choice, with small cars coming in third. In addition, 76% surveyed would replace their current vehicle with a similarly sized one, whereas only 18% say they would go smaller.

Only Minor Vehicle Segment Shifts: In general, US drivers would not shift to a different vehicle segment when time to replace their current vehicle. Differences from replacement vehicle segment choice and what respondents currently own range between 0-2 percentage points, according to survey results. For example, 28% of respondents own an SUV, and that same percent would choose one for their replacement as well. About 19% would choose a small car, which is two percentage-points higher than current respondent ownership. This is a stark contrast to the July 2008 fuel price spike when the top replacement choice was small cars at 32% of the sample, 12 percentage points higher than current ownership at that time.


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