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Is $4.50 a Gallon the New Gas Price “Wall”?

Nearly 9 in 10 would buy more fuel efficient car “immediately.”

by on Feb.20, 2012

A new study finds most buyers ready to switch to hybrids if fuel prices hit $4.50 - maybe.

Industry observers keep wondering what it would take to produce a wholesale shift in the American automotive marketplace.  Despite near-record prices last Spring and the brief push to $4 a gallon several years earlier, U.S. motorists have largely continued buying the products they’ve always bought.

But a new survey suggests the market could hit a “wall” at $4.50 a gallon, nearly nine of every 10 “new-vehicle intenders” telling CNW Marketing they would purchase a more fuel-efficient model “immediately” were prices to reach that level.  And the vast majority of those buyers said they would specifically be in the market for a hybrid.

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“Toss in the possibility of $5 per gallon gasoline,” said CNW Marketing director Art Spinella, and the study would suggest the hybrid – and presumably electric – vehicle markets should explode.”

Or will they?

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