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Gas Prices Have Affected Vehicle Purchase Decisions, Many Car Buyers Say"
IRVINE, Calif. -- In today's environment of increasing gas prices and expectations of record high levels this summer, the latest wave of AutoVIBES -- a monthly study from Harris Interactive and Kelley Blue Book -- shows that one out of six or 17% of in-market car buyers have already changed their mind about what vehicle they plan to purchase due to high fuel costs,and 21% are strongly considering vehicles that they had not considered before (a total of 38%).Additionally, 15% of new car shoppers indicated that they would strongly consider more fuel efficient vehicles if gas prices increased by as little as 25 cents.Since January, gas prices have increased by 40 cents to a national average of $1.83 a gallon. On average, in-market buyers reported that their vehicle choice would be affected were gas prices to increase an additional 65 cents above current levels."Many new car buyers are opting for vehicles that are more fuel-efficient than what they originally intended on buying," says Charlie Vogelheim, executive editor at Kelley Blue Book. "We are seeing this manifest in cars with smaller engines, with buyers choosing a 2-wheel drive vehicle instead of 4-wheel drive and just a smaller class of car altogether."Some segments might see shifts from within rather than defection towards other vehicle types. Even with high gas prices, as an example, Vogelheim does not expect to see a significant drop in overall SUV sales, because it is such a broad segment with so many sizes and configurations available. "There are small, fuel efficient SUVs like the Ford Escape and a hybrid version of that vehicle will be available this summer," he says. "If gas prices remain at high levels through the summer, these smaller and more fuel efficient SUVs should attract a great deal of attention."Additional report findings include:26% of those who are planning to purchase a vehicle in the next week say that gas prices have already affected their purchase decision (versus 17% for the total sample)Women (23%) and younger buyers (21%) are more likely to have altered their make/model purchase decision due to high gas prices.Visit Kelley Blue Book: www.kbb.com"