Photo: gas gauge PublicDomainPictures on pixabay
Our friends from iSeeCars.com put together an interesting study after analyzing three years of historical data, 27 million used car sales and how consumers choices changed with the fluctuation of gas prices in the United States of America. First of all, here are the highlights of American car-buying habits.
Most people have this idea that hybrid and plug-in hybrid sales hike when gas prices are on the rise, but that's not the case. Factual data indicates that hybrid car buyers choose to go for eco-friendly vehicles based on other, more subjective factors, not gas prices.
Regarding the pickup truck segment, more workhorses were bought second-hand when gas prices were lower. According to the study's analysis, monthly truck sales increased by roughly two percent for every dollar the gas price decreased. By contrast to truck-buying habits, Americans don't mind the petrodollar when it comes to the ever-popular SUVs and CUVs, as iSeeCars.com's three-year-long analysis determined.
Though the sales of sport utility vehicles and crossover utility vehicles had a similar trend to pickup trucks, it was met with a much slower rate. For every dollar the average gas price decreased, monthly SUV and CUV sales increased by just 0.7 percent. “Clearly, SUV and crossover buyers are not as concerned with fuel costs as they are with purchasing the car they really want,” said Phong Ly, the founder and CEO of iSeeCars.
Truth be told, a BMW X3's fuel economy doesn't seem that bad of a proposition to a buyer when gas prices are going down or up. The fuel efficiency difference between it and a V8-powered F-150 is dramatic, more so when you consider that the frugality of crossovers is closer to those of normal vehicles like mid-sized sedans or hatchbacks. You can find even more data by accessing iSeeCars.com's newest study below.
Regarding the pickup truck segment, more workhorses were bought second-hand when gas prices were lower. According to the study's analysis, monthly truck sales increased by roughly two percent for every dollar the gas price decreased. By contrast to truck-buying habits, Americans don't mind the petrodollar when it comes to the ever-popular SUVs and CUVs, as iSeeCars.com's three-year-long analysis determined.
Though the sales of sport utility vehicles and crossover utility vehicles had a similar trend to pickup trucks, it was met with a much slower rate. For every dollar the average gas price decreased, monthly SUV and CUV sales increased by just 0.7 percent. “Clearly, SUV and crossover buyers are not as concerned with fuel costs as they are with purchasing the car they really want,” said Phong Ly, the founder and CEO of iSeeCars.
Truth be told, a BMW X3's fuel economy doesn't seem that bad of a proposition to a buyer when gas prices are going down or up. The fuel efficiency difference between it and a V8-powered F-150 is dramatic, more so when you consider that the frugality of crossovers is closer to those of normal vehicles like mid-sized sedans or hatchbacks. You can find even more data by accessing iSeeCars.com's newest study below.
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