U.S. demand for trucks grows as gas prices fall
A U.S. Energy Department report says gas has fallen 46 cents per gallon since May and is now averaging about $3.50 per gallon, down from around $4 per gallon in the spring. During this period, demand for mid-size truck and SUV leases has risen 8.3%, according to statistics analyzed by LeaseTrader.com.
“Throughout spring when gas prices rose sharply, the anticipated ascension of fuel-efficient vehicle demand came to fruition,” said Sergio Stiberman, CEO of LeaseTrader.com.
“But interest in mid-size trucks and SUVs was more prevalent than in 2008 because of a stable economy. With gas prices easing off their highs, car-lease shoppers have started to inquire about truck and SUVs, feeling less financial pressure at the pump.”
Demand since June 1 has gone up from 5.8% to 10.2% for the Honda CRV, Ford Edge, Nissan Pathfinder, Toyota Highlander (pictured), Mazda CX-9, Ford F-150 and Chevrolet Silverado.
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Image source: Toyota