High Gas Prices Can Destroy Relationships
More than half of new car shoppers have recently changed their minds about the car they want to buy, says a new study by Kelley Blue Book. Researches find customers thinking about cars they normally would not have considered. What is changing their minds en masse: Rising gas prices.
Says Jack R. Nerad, executive market analyst at Kelley Blue Book:
“The rollercoaster of gas prices has taken its toll on new-car shoppers.The reality of today’s economy means that many shoppers are factoring in fuel efficiency and gas prices toward the top of things they consider when choosing their next new car.”
Not only have 66 percent of new-car shoppers changed their minds on what they might buy. A full 76 percent of new-car shoppers said they expect gas prices to get higher in the next 30 days.
Oddly enough, what tops shoppers’ lists as the most important feature is a good warranty. The second most important feature for new-car shoppers is fuel efficiency, followed by power windows/door locks.
Marketers follow these developments closely. When external reasons prompt people to reconsider their choice of car, old brand loyalties often also fall by the wayside and can cause sudden shifts in market share.