Kelley’s February 2008 results revealed that almost two-thirds or 64% of shoppers have changed their minds or are thinking about vehicles they normally would not have considered before.
Nearly 32% of new-vehicle shoppers in the Kelley Blue Book marketing research study claimed that if gas prices jump by even $0.25, with crude oil prices at $102 per barrel, they will begin looking at more fuel-efficient alternatives.
In addition, shoppers have reportedly made adjustments in their personal purchasing habits to offset heavy gas charges. The Kelley Blue Book study showed that 50% reported less shopping of non-essential retail items, compared to 44% who claim they will eat out less often.
The study also revealed that 40% of the new-car shoppers plan to purchase fewer media entertainment items and 9% of new-car shoppers intend to delay the purchase of a new home due to the rise in gas prices.
