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Gas Prices Less of a Factor in New Vehicle Purchases: Kelley Blue Book Study

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A new Kelley Blue Book survey reveals close to 60 percent of respondents will not consider rising gas prices as a barrier to their next vehicle purchase.

You may have noticed that gas prices are back up to their summertime arm-and-leg pricing models. But even with End Times-like prices, new car buyers aren’t really paying in mind to them. They’re just happy to be buying a new car.

One reason for the indifference is due to increased sales of crossovers, which work more like truck-based SUVs that compact cars or sedans which have increasingly grown out of favor in the American market Other findings from the survey cite 20 percent of respondents expecting fuel to ?move up significantly in the coming year.?

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?What we see now is more of the sport utility vehicle [and] crossover vehicles are built on car platforms, and they get much better vehicle economy, in fact, there isn?t much penalty between a midsize sedan and a compact sport utility,? said Michelle Krebs, Autotrade senior analyst, in a statement to Automotive News. ?Despite the rise in gas prices, people still want the versatility and practicality of those utility vehicles.?

As of May 29, gasoline has risen close to $3 a gallon nationwide, up from the average price of $2.36 a year ago, resulting in crude oil futures going up approximately 50 percent due to increased demand.

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