The shopping habits of people looking for non-luxury vehicles are significantly influenced by high gas prices in the U.S., according to a new report by Kelley Blue Book. This has led to people considering buying a car over a truck or SUV at levels not seen since before the pandemic, as well as considering an electric vehicle. Toyota remained the most-shopped brand, widening the gap with No. 2 Ford.
The Kelley Blue Book Brand Watch Report “is a consumer perception survey that also weaves in shopping behaviour to determine how a brand or model stacks up with its segment competitors on a dozen factors key to a consumer’s buying decision.” Kelley Blue Book produces separate Brand Watch reports for non-luxury and luxury brands each quarter.
According to the report, “Of all non-luxury shoppers, a hefty 40 per cent considered buying a car. That compares with 37 per cent in the first quarter of this year as gas prices started to take off, and only 33 per cent in the second quarter a year ago.”
Honda Accord, Honda Civic and Toyota Camry, respectively, had the highest shopping consideration. Camry shopping was up 12 per cent. Civic was up nine per cent. Accord was down three per cent, but still managed to stay on top. Dodge Charger and Chevrolet Malibu rounded out the five most-shopped cars.
Shopping did not always translate into buying, however, as car inventories have been some of the lowest over the second quarter of this year. In particular, Toyota and Honda have had very low supply of new vehicles. American auto makers, such as Ford and Chevrolet have largely gotten out of the car market to focus on trucks and SUVs, while the Asian OEMs have largely continued making cars.
Though cars are on the comeback trail, SUVs were still the predominant segment shopped by consumers. According to the report, “Of all non-luxury shoppers, 67 per cent considered an SUV, up from 66 per cent in this year’s first quarter and 64 per cent in the year-ago second quarter.”
Shoppers looking for fuel economy were choosing the compact Honda CR-V and Toyota RAV4 as both popular models are offered with hybrid powertrains. As with cars, shoppers likely were disappointed as hybrids ranked dead last for supply through most of the second quarter, and these specific models had almost non-existent inventory.
Shopping for trucks dipped somewhat, down two per cent from last quarter. Truck supply has vastly improved of late even though it remains below pre-pandemic levels. Despite a slowdown in overall truck shopping, the full-size Chevrolet Silverado and Ford F-150 held the first and second spots for consideration for the third consecutive quarter. Both models improved production output and inventory in the second quarter.
