Friday, May 9, 2008; Posted: 3:50 p.m. (CDT)
Oklahoma City -- It seems many things have started to change during these slower economic times. Gas costs more, grocery bills are rising and a local car lot tells KSBI-TV's Kealey McIntire their activity has changed as well.
With record high gas prices, you might think car lots would be filled with cars and no clients. The slowing economy has been fuel for a new trend at Guaranteed Auto Credit in south Oklahoma City.
"We've noticed that people are moving from SUV's to smaller, mid-sized cars," says Josh Fish, Guaranteed Auto Credit General Manager.
Once gas prices reached the $3.50 mark in parts of the nation, one in five new cars sold in the U.S. became a compact car. Studies show that hasn't happened before.
Another first, four-cylinder engine models sold more than six-cylinder models in April.
Fish says the nationwide trends have caught on for them.
"Yeah, they're moving pretty quick," says Fish.
Laronald Gray is among a declining number of people buying an SUV.
"I'm looking at the Tahoe. That will probably hold five kids," says Gray.
He has a large family and says he needs a larger vehicle, even if it is a gas guzzler.
"I have to have a bigger car. We already have a little car and it's pretty good on gas so we kind of need that one," says Gray.
Fish says SUV's are selling at a slower rate these days. In fact, CNW Marketing Research shows the average SUV sat on the lot for more than 66 days in April 2008, compared to 48 days in April 2007.
Fish says that trend has also caught on and they do what they can to sell them.
"We lower the prices a little bit on them, require a little bit less down," explains Fish.
Gray says if he didn't need the bigger vehicle, he would've followed America's lead and left in a smaller vehicle.
Guaranteed Auto Credit is giving away one car a week for the next six weeks. Fish says they wanted to help those who may not be able to purchase a vehicle because of the rising cost of food and gas.
