High Gas Prices Make Now a Good Time to Buy a Full-Size or Midsize SUV
ATLANTA, May 15, 2012 /PRNewswire/ — As gas prices remain high, now is a good time to buy a large SUV, according to the recent Shoppers Insights report from the AutoTrader.com Trend Engine. In a tracking study conducted by AutoTrader.com, 66 percent of new-car shoppers indicated that they are more likely to consider a more fuel-efficient vehicle due to high gas prices, and shopping activity on the AutoTrader.com site confirms that interest in full-size and midsize SUVs has declined. Less demand for larger vehicles typically relates to more available incentives.
“Automakers have a higher need to offer deals on vehicles that are less in demand to move them off dealer lots, so there’s a connection between shopper interest in particular vehicles and the number of available incentives,” said Rick Wainschel, vice president of automotive insights at AutoTrader.com. “Because of today’s high gas prices, shoppers are showing significantly more interest in smaller, more fuel-efficient vehicles, so there are more deals to be had on larger vehicles like SUVs.”
Since the beginning of the year, views for new full-size SUVs are down 29 percent, and views for new midsize SUVs are down 11 percent. This lower demand for larger SUVs means better deals are likely to be available. In looking at the most popular full-size and midsize SUVs on AutoTrader.com in April, this is certainly the case. All five of the most-viewed new full-size SUVs on AutoTrader.com currently offer incentives, and the same is true for the five most-viewed midsize SUVs.
Most-Viewed Full-Size SUVs Most-Viewed Midsize SUVs 1. Chevrolet Tahoe 1. Jeep Wrangler 2. Dodge Durango 2. Jeep Grand Cherokee 3. Chevrolet Suburban 3. Ford Explorer 4. Ford Expedition 4. Chevrolet Equinox 5. GMC Yukon 5. Ford Edge
“Though it may seem counterintuitive for people to shop for large SUVs at a time when gas prices are high, the simple truth is that the smaller vehicles, which tend to be more fuel-efficient just won’t cut it for some shoppers,” added Brian Moody, site editor for AutoTrader.com. “We recommend that people define their vehicle needs first to decide what type of vehicle they need, and then choose the right model within that segment. For people who need extra cargo capacity or space to accommodate larger families, now is a great time for those shoppers to purchase a large SUV.”
Atlanta-based AutoTrader.com, created in 1997, is the Internet’s ultimate automotive marketplace and consumer information website. AutoTrader.com aggregates in a single location millions of new cars, used cars and certified pre-owned cars from thousands of auto dealers and private sellers and is a leading online resource for auto dealers, individuals and manufacturers to advertise and market their vehicles to in-market shoppers. The company also provides a robust suite of software tools for dealers and manufacturers to help them manage and market their vehicle inventory and display advertising on the Internet. AutoTrader.com continues to grow key business metrics, including revenue, profitability and site traffic. Today, AutoTrader.com attracts millions of unique monthly visitors who utilize the site to review descriptions, photos and videos of vehicles for sale; research and compare vehicles; review pricing and specials; and read auto-related content like buying and selling tips and editorial coverage of major auto shows and automotive trends. AutoTrader.com operates one other auto marketing brand, AutoTraderClassics.com. AutoTrader.com also owns used vehicle management software company vAuto, Kelley Blue Book (kbb.com), HomeNet Automotive, a leading provider of online inventory management and merchandising solutions for the automotive retail industry and VinSolutions, a leading provider of end-to-end solution platforms for dealers. AutoTrader.com is a majority-owned subsidiary of Cox Enterprises. Providence Equity Partners is a 25 percent owner of the company and Kleiner Perkins Caufield & Byers is also an investor. For more information, please visit www.autotrader.com.