With Low Gas Prices, SUVs and Trucks Make Comeback
February 4, 2015
In 2008 as the U.S. overall economy was crippled from the 2007 subprime mortgage depression, global stock trading markets fell amongst concerns of the United States economic depression. The cost of crude oil hit highest in history and in many areas around our country, gas prices reached $5 per gallon.
The world was in financial crisis. By 2009, unemployment reached 10 percent, and American citizens were now in financial debt, losing their work, and suffering at the gas pump. More and more consumers were driven to purchase vehicles with good fuel economy out of necessity. “When gas went over $4 a gallon for the first time, everybody panicked,” said Rob Dell, general sales manager at Beasley Ford Lincoln in Springettsbury Township. Many consumers began to down-size to small cars, and purchase fuel-efficient vehicles.
The Recession’s legacy continues on within the auto industry. The government carried out fuel efficiency specifications. Car manufacturers developed more efficient motors and moved the emphasis to fuel-sipping compact automobiles. Nearly all vehicle producers designed hybrid automobiles, and electric powered vehicles joined the industry.
Consumers, on the other hand, are trending back towards SUVs and trucks. As gas prices have dropped, this trend was proven in numbers in 2014 when SUV’s, vans and pickup trucks outsold cars for the very first time since 2004. According to Edmunds, About one in three of all vehicles sold in 2014 was an SUV. The year-in-review sales report from Edmunds showed the hottest sellers in 2014 to be compact SUVs- such as the Honda CR-V, Ford Escape and Subaru Forester.