WESTLAKE VILLAGE, Calif.: 30 October 2014 — A drop in gas prices equates to an increase in large pickup truck loyalty, according to analysis by J.D. Power.
Data gathered by the Power Information Network® (PIN) from J.D. Power shows that new-vehicle retail buyers trading in a large pickup can be swayed by the current fuel prices. Since January 2013, the highest average monthly fuel price was $3.71 per gallon in March 2013, when 31.8 percent of large pickup owners trading in their vehicle decided to switch to another segment with lower fuel-consumption rates. In November and December 2013, when gas prices were as low as $3.26 a gallon, the defection rate dropped to a low of 26.2 percent.
When leaving the large pickup segment, the top choices are the compact SUV, midsize SUV and midsize car segments, each offering significant fuel economy, compared with large pickups.
“Gas prices in September 2014 averaged $3.43 per gallon, the lowest September rate since 2010, and they have fallen further in October with many parts of the country reporting prices below $3.00,” said Thomas King, vice president of PIN. “As large pickup owners experience these low fuel prices each time they fill their tank, fewer of them are defecting from the segment. While fuel prices are important, they are just one driver of consumer behavior, with factors such as incentives and product availability also influencing defection patterns.”
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