Gas prices are the highest theyve ever been for the month of December, but consumers didnt seem to care. They want trucks and SUVs.
The national average for self-serve regular for most of December was near the $3 per gallon mark last seen on Oct. 17, 2008. The United States has never nationally spent Christmas Eve with a $3 per gallon price at the pump, according to AAA.
The national average is nearly 40-cents more than a year ago, and a number of individual states are already seeing year-on-year increases of this magnitude.
Still, TrueCar.com finds trucks are moving off the lot faster than any other vehicles. Thats because weather trumps gas prices this time of year.
Trucks and SUVs typically have stronger sales in December because of snowy and icy conditions, said Jesse Toprak, TrueCar.coms vice president of industry trends and insights.
SUVs dominate the category listings, with four of the top five rankings, all at 45 days or less. The only non-SUV in the top 5 is the minivan category, which moves off lots at an average of 43 days.
AutoTrader.com reports that trucks and SUVs make up the majority of vehicles listed on both the top 20 most-searched used and top 20 most-searched CPO vehicles lists.
The Ford F-150 topped the list of most searched used cars on AutoTrader.com in November.
The question becomes how high will gas prices need to rise before small trucks make a comeback.
As 2010 comes to an end with shoppers showing a still-strong focus on larger vehicles, well be keeping a close eye on activity around the small car and green car segments to see if they heat up in 2011, said AutoTrader.com CEO Chip Perry.
New technologies such as turbocharged engines that provide more power while maintaining efficiency as well as small hybrid and electric cars have garnered significant media attention this year, and it will be interesting to see if those innovations are enough to attract todays car shoppers.
One factor favoring smaller cars today is they are bigger.
On average, compact cars weigh 549 pounds more, have 61 more horsepower and have a 6.4-inch longer wheelbase than they did in 1990, according to Edmunds.com. Still, this segment gets 2.5 more miles per gallon in combined fuel economy estimates, thanks to improvements in engine technology.
Stepping down a car class can often mean increased fuel economy with no real loss of space, said Edmunds.com consumer advice associate Ronald Montoya.
So far in 2010, about 20 percent of all new vehicles sold in the U.S. have been small cars, up from 17% in 2006. Edmunds.com analysis indicates that sales in the small car segment will steadily increase, with a 23.2 percent market share projected in 2014.
