As Gas Prices Fall, Interest in Hybrid Vehicles Declines

A press release announced today that searches for more fuel-efficient cars on Cars.com is declining as the gas prices are beginning to lower. Cars.com is an internet marketplace where prospective car buyers can search for new and used cars in their geographical vicinity. Car sellers can post their vehicle for sale through Cars.com, including photos, descriptions, and sale information.

Over the last couple of months, hybrid cars, known for their maximum fuel efficiency, have been of interest to internet car shoppers who use Cars.com to scout out vehicles. During this same period, gas prices reached an all-time high in many parts of the U.S.

The Honda Civic Hybrid, the Honda Insight, the Toyota Prius, and the Ford Escape Hybrid were among the cars which had the greatest decline in Cars.com search engine activity over the last month. Patrick Olsen, managing editor of Cars.com, spoke of the changing auto shopper trends, "This is fairly consistent with what we've experienced in past years with the ebb and flow of gas prices. As gas prices decline, we are starting to see people searching for crossover vehicles and some SUVs. We have yet to see a sustained movement away from gas-guzzlers. Instead, we find that consumers are reacting to current prices at the pump when it comes to their automotive search and buying behavior."

It appears that many auto shoppers love their lower gas mileage SUVs regardless of gas prices. Crossover vehicles are automobiles that are built with a sport utility vehicle appearance, but have a more fuel-efficient and economical design. The Honda CR-V , Acura MDX, and Hyundai Tucson would all fall into this category of crossover SUVs. Executives at Cars.com expect the interest in crossover vehicles and SUVs to continue to rise in the short term future.

Recent data would support this expectation as the largest increases in internet search activity were found among the Buick Enclave, Subaru B9 Tribeca, and the Ford Expedition. Data collected by Cars.com is taken from tracking more than 9 million unique visitors that log on to Cars.com each month searching for vehicles to purchase.

As gas prices have been at extreme highs over the last several years, many throughout the U.S. have abandoned their gas guzzling vehicles for more economical cars. Many have also developed new driving habits that stretch every possible mile out of a tank of gas. If gas prices continue to drop, it will be interesting to see if those new habits stay intact.

Sources:

PR Newswire Press Release, http://media.prnewswire.com/en/jsp/main.jsp?resourceid=3529108