CHICAGO, March 16, 2011 /PRNewswire/ -- An analysis of
user search data shows that a recent 10 percent increase in fuel
prices has driven a nearly 70 percent surge in interest for hybrid
vehicles and a 21 percent increase in compact vehicles, Cars.com
announced today. Vehicles perceived as gas-guzzlers, like
SUV's and pickup trucks, saw declines in interest over the same
period.
The same period three years ago saw an almost identical rise in
fuel prices, but changes in car shopping behavior were much slower.
"What's most interesting about the data is how quickly car
buyers have shifted their search habits compared with the same time
gas prices started increasing in 2008," says Joe Wiesenfelder, Senior Editor at Cars.com.
"Our searches tend to forecast sales trends and I'd say that
based on these numbers, hybrids and compacts will be hot sellers in
the months to come."
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Change in Major Segments:
February 9th through March 8th, 2011*
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Hybrids
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+69%
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Compacts
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+21%
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Pickup Trucks
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-10%
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SUVs
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-9%
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Change in Major Segments:
February 9th through March 8th, 2008*
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Hybrids
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+25%
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Compacts
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+7%
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Pickup Trucks
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-3%
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SUVs
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-7%
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"It seems likely that 2011's summer will see even higher gas
prices, and as demand for hybrids and compacts continues to rise,
so will prices," said Wiesenfelder. "People looking to buy a car in
the very near future should expect thinner inventories of these
hot-selling models, and dealerships much less willing to negotiate
on price. The best time to buy is now before gas prices rise
even further."
For more information on how gas prices are impacting consumer
searches on Cars.com, click here.
*Based on percent share of Cars.com searches for vehicles in
these segments.
ABOUT CARS.COM
Cars.com was recently named the "Best Overall Customer
Experience" by Keynote Systems, the world's leading Internet usage
research company. Cars.com is an online destination for car
shoppers that offers information from consumers and experts to help
buyers formulate opinions on what to buy, where to buy and how much
to pay for a car. With price listings, side-by-side comparison
tools, photo galleries, videos, unbiased editorial content and a
large selection of new- and used-car inventory, Cars.com puts
millions of car buyers in control of their shopping process with
the information they need to make confident buying
decisions.
Launched in June 1998, Cars.com is
a division of Classified Ventures, LLC, which is owned by leading
media companies, including Belo (NYSE: BLC), Gannett Co., Inc.
(NYSE: GCI), The McClatchy Company (NYSE: MNI), Tribune Company and
The Washington Post Company (NYSE: WPO).
SOURCE Cars.com