Car buyers reacting differently to gas price hike this time
POSTED: Thursday, April 5, 2012 - 4:30pm
UPDATED: Thursday, April 5, 2012 - 4:44pm
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.