This is how fuel price influences car-buying habits
After analysing three year’s worth of data, iSeeCars.com put together a study in the US of how consumer’s choices changed with the fluctuation of fuel prices.
The data included over 27 million sold cars, and this is what they found:
Most people have this idea that hybrid and plug-in hybrid sales increase when fuel prices are on the rise, but that’s not the case. The data actually indicates that hybrid car buyers choose to go for eco-friendly vehicles based on other, more subjective factors, not fuel prices.
More second-hand bakkies are bought when fuel prices were on the decline. According to the study’s analysis, monthly bakkie sales increased by roughly two percent for every dollar the fuel price decreased. The three-year study also revealed that, by contrast to bakkie-buying habits, Americans don’t mind the fuel price when it comes to SUVs and crossovers.
“Clearly, SUV and crossover buyers are not as concerned with fuel costs as they are with purchasing the car they really want,” said Phong Ly, the founder and CEO of iSeeCars.