How quickly we forget: Cheaper gas = higher pickup and SUV sales

Monday, November 3rd, 2008...9:04 pm

How quickly we forget: Cheaper gas = higher pickup and SUV sales

Filed under: Car Buying, SUVs, Trucks/Pickups

Pickup and SUV sales plummeted when gas hit $4 per gallon, and many thought these gas-guzzling segments would never fully recover. That may be true, but for now Americans are once again getting more comfortable with trucks and SUVs. Truck sales fell below 10% of overall vehicle sales back in May and June, but the price of gas falling from an average of $4.11 per gallon to $2.78 has helped the share of trucks rise to 14.1% of the overall market for September. Depending on how buyers react to the financial crisis, October could be even better as gas prices have continued to go down. SUVs have seen a smaller but still significant jump in overall share, going from 1.9% in May to 2.5% in September – a big improvement for a shrinking segment.

Much of the increased interest in trucks and SUVs can easily be attributed to huge incentives on the hoods of these hefty haulers, but gas prices are a big factor, as well. And while most analysts feel the truck market won’t recover until construction picks back up, we’re sure automakers are happy to see an increase in sales for their most profitable vehicles, even if it takes a pile of cash on the hood to get them moving.

[Source: Automotive News - sub. req'd, Photo by Bill Pugliano/Getty ]

How quickly we forget: Cheaper gas = higher pickup and SUV sales originally appeared on Autoblog on Tue, 28 Oct 2008 08:58:00 EST. Please see our terms for use of feeds.