While high gas prices have led many motorists to downsize to a smaller car, some industry analysts say it's not as many as you might think. Some drivers are sticking with the same exact model they used to have because it will likely be more cost effective as manufacturers place an increased premium on high gas mileage, the San Francisco Chronicle reports.
Although improved mileage is one of the biggest reasons drivers are more likely to stay loyal to their current model, even if it's an SUV, there are other causes as well. In particular, experts say that back in 2008 when prices spiked, people downsized because they panicked. Today, however, drivers are more likely to be used to high gas prices and won't make impulsive decisions.
"After what we've all been through with the recession, people are much more informed about the complexities of the economy and therefore much less reactive to higher gas prices," Kit Yarrow, a professor of business and psychology at San Francisco's Golden Gate University, told the chronicle.
One look at the sales figures from February and March backs up analysts' assertions. According to the newspaper, smaller cars made up about 24 percent of overall car sales. While that's a bit more than the 2011 statistics, it's only by about 4 percent.
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