Record Gasoline Prices Slow Sales of Full-Size SUVs
March 23, 2005
A report issued on March 14th by the Power Information Network, an affiliate of J.D. Powers and Associates, finds that consumer interest in full-size sport utility vehicles (SUVs) has dropped significantly in the past year. According to the report, most car and truck owners are now less likely to trade their vehicles for a new full-size SUV than they were a year ago. Compared to sales in 2004, full-size SUV sales fell 31 percent in January and 21 percent in February, while the vehicles sat an average of 84 days on dealer lots before being sold, compared to an industry average of 66 days. The report's authors blame the drop in sales on rising gasoline prices. See the J.D. Powers press release.
According to the Daily Fuel Gauge Report from the American Automobile Association (AAA), both regular unleaded gasoline and diesel fuel prices are now at historic highs in the United States. As of March 22nd, unleaded gasoline averaged $2.095 per gallon and diesel fuel averaged $2.277 per gallon. See the AAA's Daily Fuel Gauge Report.