Yes, since eco-friendly cars tend to be hybrids or electric cars that have much higher gas mileage, due to their use of electricity instead of or in addition to gasoline. Short term, cars that use gas tend to be cheaper then hybrids and electric cars, so when gas prices are low, people prefer to buy them. However, when the price of gas is high enough, the upfront price of a hybrid or electric car becomes worth it when compared to the cost of supplying a traditional car with gasoline.
There is a trend that the value of hybrids is also linked to the price of gas. In June the consumer vehicle-pricing firm, Kelley Blue Book, found that values for subcompact, compact, and hybrid cars have started to dip after 20 weeks of consecutive gains. This dip comes with the lower gas prices seen in May and June, with gas dropping from $3.98 a gallon to $3.71 a gallon. Experts are actually urging consumers to hold off purchasing hybrid and other fuel-efficient cars until after the summer when their values have stabilized.
While the sale of hybrid cars has increased, the market seems to have come to a standstill. With the shaky economy consumers have not traded in their cars as soon as they may have in better financial circumstances. Moreover, a statement by JD Power concludes that many small, gas efficient cars have been launched in the past few years that the upfront cost of hybrid cars make them less appealing. Perhaps when the economy picks up and people understand the full incentives of buying a more energy efficient car, sales will increase.
As I was typing this, a segment on the news showed more increases on the horizon for gas prices. I asked my mom if she would consider buying a hybrid car. She said she didn’t know. I inquired why and if she knew anything about them. Her information was minimal. Hence my strong stance on Americans needing to be more educated on eco issues to make informed decisions and change their lifestyle habits.
Eco friendly cars are a great way to cut fuel costs. Due to higher gas prices and the bad economy car companies are working hard to bring out new models that are the same price as many of their normal fuel counterparts. Though the poor economy does inhibit many people from being able to purchase a new car, I think most people when they start looking to purchase will be considering a hybrid and it’s positive effects more and more.
Remember when everyone and their mom had a gigantic SUV? Now that gas prices have risen, fewer people are driving them because they were so expensive to fuel up. As a result their popularity has faded. Fuel efficiency standards have recently risen so cars like this are being phased out by the government as well as by consumer choice.
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