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Digital News Report – Gas prices have been on an upward climb, which according to a new survey conducted by Kelley Blue Book, 81 percent of consumers are considering more fuel-efficient models when buying a new or used car. This has increased 11 percent from the January’s survey. Kelley Blue Book Market Intelligence survey was conducted with 380 consumers that were shopping for either a new or a used car.
The survey found that 58 percent of the respondents said that the economy has made them downgrade their vehicle that they were driving. This included 43 percent that has opted for a smaller engine size, 40 percent opted for a smaller sized vehicle, and 37 percent said that they either decreased or eliminated vehicle options, and the remaining 33 percent said that they were switching from a new car to a used car.
When asked about how they felt about gas prices and how this affected them when buying a new car, there was 95 percent said that at $5.00 per gallon they would decide on fuel-efficient models as a buying factor. The outlook from these consumers also showed that 74 percent believed that gas prices will go up in the next 30 days.
According to the Government website fueleconomy.gov, the national average for gas prices in the US is $3.52 per gallon as of March 7, 2011.
By Victoria Brown