As Gas Prices Fall, Demand for Midsize Trucks/SUVs Rebounds

As Gas Prices Fall, Demand for Midsize Trucks/SUVs Rebounds

As gas prices continue to fall, dealers might see demand for mid-size trucks and SUVS make a comeback, according to LeaseTrader.com’s latest findings.

After springtime highs came in at around $4 per gallon and devastated these very same market segments, the almost 50 cent per gallon drop since May seems to have had just the opposite effect.

LeaseTrader.com noted it is already seeing much higher demand for previously suffering automotive segments, such as midsize trucks and SUVs, with vehicle leases in these categories rising an average of 8.3 percent, compared to June 1 levels.

“Throughout spring when gas prices rose sharply, the anticipated ascension of fuel-efficient vehicle demand came to fruition,” said Sergio Stiberman, chief executive officer and founder of LeaseTrader.com.

“But interest in midsize 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,” he continued.

Moreover, The Energy Department’s Energy Information Administration confirmed last week that national gas prices have, in fact, dropped approximately 46 cents since early May and are currently sitting near $3.50 per gallon.

After February’s sharp rise in gas prices hindered dealers from moving SUVs and trucks of their lots, this reprieve seems to be shifting the waters — a movement that is especially evident through LeaseTrader.com’s recent findings.

Percentage of demand increase for the midsize truck and SUV segments include:

Mid-Size Truck/SUV
Demand Feb-May
Demand Since June 1

This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com