Recently, Kelley Blue Book (kbb.com) announced the results of a market survey taken by consumers who were in the process of purchasing a new car. The survey detailed consumers’ opinions on gas prices and how those prices could affect thier new vehicle buying decisions.

In May, when asked what they thought would happen to gas prices within the next 30 days, 87 percent of those shopping for a new vehicle believed gas prices would go much higher a jump from 66 percent who were asked the same question in April. 

In both April and May, more than 60 percent of new car shoppers said they believed rising gas prices have either caused them to change their minds or made them think about vehicles they normally wouldn’t have considered. When asked what they would be most likely to compromise in their next new-vehicle purchase to save money they might need to spend on fuel, shoppers said engine size would be the first item they would likely sacrifice (moving to a 4 cylinder from a V6 or V8), followed by vehicle size, such as going from a sedan to a mid-size or compact car.

73 percent of those who said they believed gas prices would increase in May said they plan to change their spending habits if gas prices went much higher.

So where do Cars for Girls readers stand on the issue?  If you’re in the market for a new vehicle, do the current economic conditions, combined with what could be another round of summer pain at the pump influence your new car purchasing decisions? 

I can only speak for myself and I don’t mind saying that last years gas prices were the deciding factor on my decision to purchase a Nissan – a car I might not have considered otherwise. 

At what point or gas price – do you begin to reevaluate and reconsider your new vehicle choices?

Tags: Car Shopping, General // 1 Comment »