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Fuel prices a factor for new car buyers

It’s no longer just about car price tag and insurance quotes, consumers now considering gas prices

When shopping for a new car many people consider the color, make, model and interior gadgets when deciding what they want.

But with many consumers worried that rising fuel prices will take a toll on their wallets, some are willing to forgo less flashy details like engine size or vehicle size to save money.

Depending on the size and safety features of a vehicle, insurance quotes may vary.

The latest Kelley Blue Book Market Intelligence survey revealed that over 60 percent of in-market new car shoppers during April and May have reconsidered features of a new car or the car purchase itself because of lingering concerns that gas prices would go up.

“As summer approaches with household budgets still pinched by the weak economy, car buyers are once again becoming very conscious of rising gas prices,” said Jack R. Nerad, executive editorial director and executive market analyst for Kelley Blue Book.

Nerad said that once gas hits $3 per gallon he suspects that consumer preferences on size and price of a car will be more carefully evaluated during the decision making process.

Learn how easy and convenient shopping for auto insurance can be. Get your free auto insurance quotes today!

Posted: June 12, 2009

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