According to the most recent Kelley Blue book Brand Watch report, high gas prices have caused consumers of non-luxury automobiles to consider traditional cars at a level not seen since before the epidemic. The purchase of electric automobiles increased as well. Toyota continues to stay at the top. In second place, with a larger and wider gap, is Ford.
The three vehicles with the highest shopping consideration were the Honda Accord, Honda Civic, and Toyota Camry. The Toyota Camry was up by 12%, while the Civic was up 9%. Interestingly, the Accord decreased by 3% but stayed in the top 3.
Vehicle sales are up for non-luxury vehicles at a high rate. This is likely because of inflation. The higher the prices are, the more a car buyer will look for bargains and deals.
Shopping for traditional cars is seeing a comeback, but it may not be permanent. High gas prices are turning people away from luxury vehicles, even non-luxury electric vehicles, and hybrid car sales are up.
About 40% of all non-luxury shoppers considered buying a car during the second quarter, compared to 37% in the first quarter of 2022.
Gas-saving SUVs were still more popular than traditional vehicles amongst non-luxury buyers. Shopping for trucks did decrease slightly as well, about 2%, but is still 31% higher than a year ago. Truck supply is low but improving. General Motors is waiting for vehicle parts and has 95,000 trucks waiting.
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