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Survey reveals the influence gas prices have on consumers' car buyingPosted On Tue, January 25, 2011
The rising cost of gasoline is leading to a re-assessment of what priorities take precedent precedence for people when car shopping.
According to a Kelley Blue Book Market Intelligence survey, almost three in four respondents - 70 percent - said they've considered how fuel-efficient a car is before deciding whether or not to purchase it.
In a statement, James Bell, executive market analyst for Kelley Blue Book said, "It is clear [from the survey] that gas prices have a definite impact on the vehicle choices made by new-car shoppers in the United States."
Nearly all of the survey respondents - 95 percent - said $5.00 gasoline is the price point in which they would definitely take the cost of gas into consideration before buying a vehicle.
The cost of a gallon of regular unleaded gasoline increased two cents over last week, according to AAA's Daily Fuel Gauge Report, averaging $3.52 nationwide. Should prices continue to rise, the auto industry may see a surge in hybrid vehicles, which are known for their fuel efficiency. Auto insurance companies often provide discounted rates to owners insuring fuel-efficient vehicles.
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