Car Shoppers Already Significantly Reacting to Gas Price Increases

CHICAGO--March 16, 2011: An analysis of user search data shows that a recent 10 percent increase in fuel prices has driven a nearly 70 percent surge in interest for hybrid vehicles and a 21 percent increase in compact vehicles, Cars.com announced today.  Vehicles perceived as gas-guzzlers, like SUV's and pickup trucks, saw declines in interest over the same period.  

The same period three years ago saw an almost identical rise in fuel prices, but changes in car shopping behavior were much slower.  "What's most interesting about the data is how quickly car buyers have shifted their search habits compared with the same time gas prices started increasing in 2008," says Joe Wiesenfelder, Senior Editor at Cars.com.  "Our searches tend to forecast sales trends and I'd say that based on these numbers, hybrids and compacts will be hot sellers in the months to come."  

"It seems likely that 2011's summer will see even higher gas prices, and as demand for hybrids and compacts continues to rise, so will prices," said Wiesenfelder. "People looking to buy a car in the very near future should expect thinner inventories of these hot-selling models, and dealerships much less willing to negotiate on price.  The best time to buy is now before gas prices rise even further."

*Based on percent share of Cars.com searches for vehicles in these segments.

SOURCE Cars.com