While gas prices have grown considerably during the first several months of 2011, an increasing number of consumers are expressing confidence that the worst is behind them. Overall, the percentage of potential vehicle seekers concerned with gas prices declined from 35 percent in April to 30 percent in May. Furthermore, 52 percent of respondents to KBB's survey believe prices will decline during the next 30 days.
"Prices at the pump have halted their steep rise and now gas prices are slowly going down in many parts of the country, and the latest kbb.com survey results show that car shoppers are taking note," said Jack Nerad, executive editorial director and executive market analyst for Kelley Blue Book's kbb.com. "If consumers feel more optimistic about the near-future state of gas prices and more confident in their personal economic situations, this will bode well for the automotive industry."
Lower prices could also affect the real estate market in many areas. A recent Coldwell Bank Real Estate report discovered that more potential homebuyers were basing their location on proximity to their work office in order to cut down, or even eliminate, travel. If gas prices begin moving downward, location parameters might loosen up and provide a boost to the real estate market in many areas nationwide.
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