Car buyers reacting differently to gas price hike this time

Car buyers reacting differently to gas price hike this time
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POSTED: Thursday, April 5, 2012 - 5:30pm

UPDATED: Thursday, April 5, 2012 - 5:44pm

When gas prices spiked in 2008, people “in droves” traded in big SUVs for much smaller cars, recalled Mark Rehkopf, vice president of Russell & Smith Ford, Honda and Mazda dealerships.

It’s not happening as much this time, he said. While a good number of consumers are choosing smaller cars for the first time as gas prices approach $4, many opt for a new version of what they’ve had, partly because no matter what they buy it’s probably more fuel-efficient than a similar older model, he noted.

People also seem to be having a different psych-ological response to the current rise in gas prices.
 

Click here to read the full report on FuelFix.com

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