Skyrocketing Gas Prices Change Car Buying Behavior

Posted by: Kenny Chan onJune 5th, 2008

Fuel Costs Effect On Car Buying DecisionIf our ever-so-scientific poll on the sidebar means anything, then it looks like the rising gas prices are reaching the point where consumers are changing their habits to adapt. When gas prices in Calgary hit $1.00 per liter, people were still happily buying whatever car they wanted and continued to do road trips. Now, as we hit the $1.30 per liter mark, over half of the poll respondents said that gas prices are affecting their car buying decisions.

Perhaps instead of a full size SUV, smaller versions are being sought after–like RAV4s, CRVs, and the upcoming Tiguan from VW. Truck sales in May fell by more than 30% in Canada, a sign that our poll falls in line with the national trend. GM has also announced that four of its plants which produces large trucks and SUVs for the automaker will be shutdown.

Its not clear whether Canada’s efforts to increase the production of biofuel will have any effect on gas prices, but one thing is for certain and that is that we need to as a nation and continent reduce our dependence on oil by looking at alternative energy sources. The only good news are those that still plan on buying a truck or SUV (43% of you did say gas prices have no effect on your purchase decision).

If you’re in the market for a used truck, SUV, or other gas guzzling vehicle you may want to hold up and wait for prices to fall further as more and more people try to unload them. Check out our used trucks marketplace for the latest deals.



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Comments

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