Kelley Blue Book Brand Watch reported that in the second quarter of 2022, buyer interest in cars and electric vehicles increased amid high prices for gasoline and record transaction prices, while BMW and Toyota maintained their places as America’s most purchased vehicle brands in their respective segments.
Kelley Blue Book Brand Watch is a perception survey that considers consumers who think about buying new cars, which is also intertwined with the purchase behavior to determine how the makes and models of vehicles compare with the competitors of the segment.
“The record prices of the gasoline Americans experienced in the second quarter of this year certainly affected their vehicle purchase considerations,” said Vanessa Ton, senior manager of research and market intelligence for Cox Automotive.
“Cua When you combine that with the continuing shortage of new vehicle supply and the resulting sky-high transaction prices, it’s no wonder people view their car purchases more through the lens of affordability and pay more attention to the benefits of fuel efficiency of traditional cars and electric vehicles“, added Ton.
With the highest average price of gasoline recorded in mid-June and the worsening of the affordability of new vehicles, many buyers in the second quarter looked for more efficient and affordable sedans. Of non-luxury buyers, a notable 40% considered buying a car in the second quarter, versus 37% in the first quarter of 2022 when gasoline prices began to take off, and a significant increase from 33% a year ago in the second quarter of 2021.
Consideration for electric models recovered after a drop in the first quarter, returning to almost record levels, due to higher gasoline prices and also a greater selection of vehicles.
The most purchased electric vehicles included six hybrids and four EV. The segment breakdown included four SUVs, four cars and two trucks. Toyota and Tesla each had three models on the list, while Honda and Ford had two each.
The Kelley Blue Book report indicates that BMW maintained its place as the most purchased luxury brand in the second quarter of 2022, a position it held for three years until the end of 2021, when Lexus briefly held first place.
And despite having one of the smallest inventories in the industry, Toyota remained the leading non-luxury brand in purchase consideration, with three models in the Top 10: RAV4, Tacoma and Camry, which was the one that won the most.
For more details about the report, enter here.
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