• by Jack Loechner , Staff Writer @mp_research, April 2, 2004

Gas Prices Impact Car Buyers

According to a study from BIGresearch, the purchase decisions of consumers who plan to buy or lease a car in the next six months are likely to be influenced by gas prices, but more than 28 percent of those consumers are still considering the purchase of an SUV.

The Consumer Intentions and Actions Survey asked consumers in March what would they do if "...gas prices were to average $2.00 per gallon." Of consumers currently shopping for cars, 40 percent said they'd shop for a more fuel-efficient model. Just over half agreed that they'd take fewer driving vacations, and 16.6 percent said they'd use more public transportation.

Gary Drenik, president of BIGresearch, said "...the fact that nearly a third (of the prospective car buyers) are considering an SUV says there are consumers willing to make compromises in other areas of their budgets to make that happen."

Of those planning to purchase or lease a car in the next six months:

• 30% are looking at cars under $10,000
• 15% said $10,001 to $15,000
• 17% said $15,001 to $20,000
• 18% said $20,001 to $25,000

Findings are available at www.bigresearch.com