Amid High Gas Prices, Shoppers Seek Sedans Again

Sean Tucker 08/04/2022 7:20am

Americans are still in love with SUVs. But our eyes are starting to roam back to the fuel efficiency of plain old cars again.

That’s one conclusion from Kelley Blue Book’s second-quarter Brand Watch Report.

Each quarter, KBB conducts a consumer perception survey that also weaves in shopping behavior to determine how a brand or model stacks up with its segment competitors on a dozen factors key to a consumer’s buying decision. Our researchers release two reports from the data – one covering luxury cars and one non-luxury.

More Shoppers Consider a Toyota

Toyota was the brand that shoppers considered most. Thirty-five percent of non-luxury shoppers considered a Toyota vehicle, even though the brand had very lean inventory throughout the second quarter. Ford came in second, at 31%. Chevrolet showed up third, with 30%.

Ford’s and Chevy’s numbers dipped from the first quarter thanks to a slight drop in consideration of full-size trucks. The Chevy Silverado and Ford F-150 remain the two most heavily shopped vehicles in the country. Both saw consumer interest dip, but not enough to knock them out of first and second place.

The Comeback of the Car?

The headline-grabbing number, however, was the spike in interest in old-fashioned sedans. Forty percent of shoppers considered a car – up from 37% in the first quarter and 33% a year ago. Sixty-seven percent of shoppers looked at SUVs – still the undisputed sales leader. But high gas prices have Americans looking at cars again.

Of note, Ford no longer builds cars other than the Mustang (not the traditional choice of the gas-price-conscious). Chevrolet offers the Corvette sports car, Bolt EV and Bolt EUV electric hatchbacks, Malibu sedan, and the soon-to-be-discontinued Spark subcompact hatch.

EVs, Hybrids Earn a Look, But They’re Scarce On Lots

One in four shoppers looked at an electric vehicle or hybrid. Many shoppers were likely disappointed, as inventory of both remained low all quarter.

Consumers ranked durability and reliability as their most important considerations when shopping for a new car. Safety and affordability came in second and third. Fuel efficiency was the sixth most important consideration. But a year ago, it came in tenth.