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Survey: 84 percent of car shoppers say gas prices have affected their purchase optionsPosted On Tue, May 3, 2011
From the cost of food to shipping charges, seemingly everything people buy is affected by gas prices, and a new survey is revealing that its impacting large purchases, such as new and used cars.
According to a Kelley Blue Book poll that analyzed consumer sentiment, 84 percent of respondents said the rising cost of fuel impacted their car buying behavior.
Jack Nerad, executive editorial director and executive market analyst for Kelley Blue Book, said that vehicle manufacturers are responding to consumers' increased demand for gas-sipping models.
"Auto manufacturers increasingly are offering more fuel-efficient vehicles ... because of rising consumer demand," Nerad said. "It's important for shoppers to know that there are more fuel-efficient options today than ever before."
And auto manufacturers may need every last one of them if demand is being fueled by rising gas prices. Other findings from the study showed that 90 percent of respondents said they expected gas prices to continue rising over the next month.
In addition to buying a more fuel-efficient vehicle, industry experts also recommend consolidating trips if at all possible. Motorists may be able to save money on their auto insurance by participating in programs that charge policyholders based on the number of miles traveled.
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