|
Autobytel Consumer Data Suggests Rising Gas Prices Are Fueling Car-Buying (and Political) Decisions
|
| IRVINE, CA - May 28, 2004 |
|
| Updated |
Jun 10, 2004 22:52:21 |
| Rating |
 43 ( -6 -13.95% ) |
|
|
Description:
Nearly 2 out of 3 Survey-Takers Say They'd Be Less Inclined to Buy a Truck/Large SUV Today Than Last Summer; Only 3.6% Say They'd Be More Inclined
Requests to Buy SUVs/Trucks Drop Dramatically, While Requests for Smaller Passenger Cars Rise Sharply - Bucking Years-Long Industry Trends
Roughly Half of Those Polled Say Gas Prices Will Affect Their Voting Decisions; Vast Majority Favor Stricter C.A.F.E. Standards and Higher Tax Incentives for Hybrids
- Late-breaking Autobytel Inc. (Nasdaq: ABTL) consumer purchase request data suggests that rising prices at the pump may be having a more substantial impact on consumer buying patterns than many industry analysts are predicting. Autobytel's Consumer Choice data reveals that online requests to purchase trucks and SUVs are down substantially, while those for smaller, more fuel-efficient passenger cars are sharply on the rise - findings that may soon be playing out on the showroom floor as summer sales season kicks off this Memorial Day weekend. As the most visited new car buying and research destination on the web, attracting an average of 7.7 million unique monthly visitors in 2003, Autobytel offers a uniquely comprehensive perspective on online auto consumer trends and attitudes.
Big Fossil-Fuel Guzzling SUVs May Be Going the Way of the Dinosaur (at Least Online)
According to Autobytel Consumer Choice data,* big, gas-thirsty SUVs (those that receive less than 20 MPG) - which have seen spectacular success in the auto market these last few years - are now taking a major hit online despite ramped up factory incentives, with requests for large SUVs down 20% since January. Overall, the SUV category, including small SUVs, is down 13%, with the only SUV models clocking any gains being the fuel-friendly Saturn VUE and Honda CR-V.
* Autobytel Consumer Choice data measures the top-20 most requested models in each vehicle category (SUVs, trucks, passenger cars, etc.) since January 1st, 2004.
Big Trucks/SUVs by Model:
Requests for the Chevy Tahoe are down 26%
Cadillac Escalade requests are down 25%
Ford Expedition requests are down 22%
GMC Yukon requests are down 18%
Dodge Durango down 15%
Hummer H2 requests are down 16%, losing share each month since January
Requests for pickup trucks, similarly, have dipped 21%, while those for passenger cars are up 8% - a stark reversal of Autobytel consumer trends during the last couple of years. Requests for the perennial best-selling vehicle in America, Ford's full-sized, redesigned F150, are down 20%, while Chevy's full-sized pickup Silverado, a traditional Autobytel favorite, is down a precipitous 48%. Requests for the popular Dodge Ram are also down 16.5%.
On the other hand, requests for cars averaging higher than 25 MPG (hwy) have led the passenger car resurgence on Autobytel sites, generating a 33% increase in requests to buy since January.
A LOOK AT SOME SMALLER, MORE FUEL-EFFICIENT CARS, BY MODEL
Requests for the Honda Civic are up 37%
MINI Cooper requests are up 33%
Toyota Corolla and ECHO requests are both up 10%
Saturn Ion requests are up 10%
And the hybrid offering from Toyota, the Prius, currently leads all new-vehicle purchase request gains at Autobytel sites - with a staggering 73% rise in requests.
A Market Microcosm: "MINI" David Strikes Blow to "Hummer" Goliath: Last year, the "David and Goliath" brands of the auto market, MINI and Hummer, tied for the largest overall increase in requests-to-buy among Autobytel shoppers - with each enjoying a 255% increase in requests in 2003. But a quick look at the battle between the makers of the little coupe and the big SUV since January reveals that David is now handily slaying the once-mighty Goliath in the marketplace, with requests for the MINI Cooper up 33% and requests for the Hummer H2 down 16%. The MINI's recent dominance comes despite new incentives on the H2 and the pending launch of a Cooper convertible, which would presumably initiate a "wait-and-see" period for many prospective MINI buyers.
AUTOBYTEL'S CONSUMER VOICE SURVEY
New Online Poll Suggests the Continued "Greening" of the Marketplace
According to the latest Autobytel Consumer Voice survey,** these trends may signal the shape of things to come, with 45% of current Autobytel shoppers saying they will shop for a smaller, more fuel-efficient vehicle during their next vehicle purchase, and nearly 1 in 5 indicating they will seriously consider purchasing a hybrid vehicle next. Sixty-five percent said they'd be willing to sacrifice some interior space for better fuel efficiency, while 62% said they'd be willing to sacrifice performance.
Industry analysts are quick to point out that high gas prices don't actually translate into major car owner costs, but they may be missing the more important phenomenon - namely a shift in consumer perceptions/tastes that may signal the beginning of a new marketing cycle. Consider: 63% of Autobytel shoppers said they'd personally feel proud to drive a hybrid vehicle, while 45% said they'd feel self-conscious behind the wheel of a very large SUV. Moreover, 65% said they'd be less inclined to buy a truck or large SUV than they were a year ago, while only 3.6% said they'd be more inclined to buy a truck/large SUV today.
** Consumer Voice Surveys conducted on Autobytel's web sites between May 12th and May 24th.
THE POLITICS OF CAR BUYING
America's Drivers "Cast Their Votes" on Auto-Related Political Issues, With Most Favoring Stricter C.A.F.E. Standards and Higher Incentives on Hybrids
With energy/automotive issues shaping up to be centerpieces of the unfolding presidential election, the latest Autobytel Consumer Voice survey also asked Autobytel's car shoppers to sound off on hot-button topics ranging from C.A.F.E. standards to global warming. Although web site demographics skew slightly Republican, most respondents actually came down on the "progressive/liberal" side of most of the issues presented. Over 75% of those surveyed, for example, favor stricter C.A.F.E. standards, with over 70% endorsing higher incentives on hybrids, and nearly 60% going so far as to call for government regulation of fuel prices. More than 55% of respondents, meanwhile, said they believe that a global warming phenomenon, caused by a build-up of greenhouse gases in the atmosphere, is already occurring, with only 22% saying they don't believe it's occurring and 22% remaining undecided.
Seventy one percent of survey takers anticipate that gas prices will continue to rise throughout the summer, with consumers essentially split on the issue of whether continued high gas prices will affect their presidential vote in November. Most respondents (nearly 50%) feel that oil companies - by creating an artificial scarcity -- are the primary cause of the current gas price hikes.
Notably, self-identified Democrats and Republicans both indicated a strong readiness to "go hybrid," with 69% of Democrats and 52% of Republicans saying they would consider buying a hybrid during their next vehicle purchase.
For complete Autobytel Consumer Choice and Consumer Voice information, contact Melanie Webber, Autobytel Inc. 949.862.3023. |
|
