The recent decline in gas prices has seen resurgence in the popularity of large pickups and SUV models. Lest than two months ago, prices at the bowsers were hovering around the $3 per gallon mark and the effects were seen almost immediately in the number of trade-ins and slow sales of larger vehicles. Prices have now fallen back to an average of $2.66 per gallon and, according to information collected by a J.D. Power and Associates division, the nation has seen an increase in owner retention rates for the large pickup, large utility and midsize and utility segments over the past seven weeks.
It seems that America keeps going back to their love of full-size vehicles like a bad crack habit. The large pickup, large utility and midsize utility segments account for almost a quarter of new-vehicle sales and some of the most profitable vehicles for the Big Three. It’s not like gas prices will be going up anytime soon, or will they?