Nearly 60% of Vehicle Shoppers Say Gas Prices Have Influenced Vehicle Purchase Decisions.

Fifty-nine percent of U.S. in-market vehicle shoppers say that gas prices have either changed their minds or strongly influenced purchase decisions, according to the August 2005 AutoVIBES, a monthly automotive study from Harris Interactive and Kelley Blue Book Marketing Research tracking consumer automotive buying intentions. This is an increase of 13 percentage points since last month and an all-time high since AutoVIBES began tracking the effect of gas prices on vehicle choice in April 2004.

In addition, 42 percent of vehicle shoppers indicate that they would seriously consider a more fuel-efficient vehicle if gas prices were to increase an additional $0.25 above the current national average (which was $2.61 per gallon on August 26, 2005). This is an increase of 12 percentage points since last month and an all-time high since tracking began in April 2004.

“With prices for gas now skyrocketing above the psychological threshold of $3 per gallon in many areas, consumers are more interested in fuel-efficient cars than at any time in the last two decades,” said Jack R. Nerad, editorial director and executive market analyst for Kelley Blue Book. “Pump prices are not only pinching the pockets of today’s SUV owners, but future owners as well, as we are seeing three and five year residual values on new SUVs begin to fall.”