Buying a New Car

In: Computers and Technology

Submitted By sonyak72
Words 784
Pages 4
Buying a New Car
XECO/212 Principles of Economics
April 1, 2012

Buying a new car is fun and exciting but there are many factors in today’s market that are affecting those who want to purchase a new car. Not only are fuel prices incredibly high and expected to go higher based on tensions in the Middle East, employment is looking up but many are still without jobs or enough income to purchase a new vehicle. There are a few car makers that understand those looking for an economic vehicle that gets great gas mileage. Some of the factors that could cause possible changes in the supply and demand of a new car are again unemployment. This affects demand more than anything. If you do not have income to pay for a new vehicle the demand is down and probably the supply as well. High fuel prices are also affecting the supply and demand of new cars. The demand for fuel efficient vehicles is on the rise again. When gas prices increased a few years ago, people started trading in or selling their gas guzzling SUV’s. People still wanted to drive SUV’s but didn’t want to pay the price at the pump. This lead car manufacturers to develop fuel efficient SUV’s to counteract the effects of the high per gallon price of gasoline. Also the price of competitor’s vehicles for similar types of cars can affect the supply and demand of a particular vehicle. If I were looking to buy a new Buick Enclave knowing the average MPG for city is 17 and highway is 24 www.fueleconomy.gov , I would want to know what kind of MPG and pricing similar SUV’s and crossovers offered. A possible substitute might be a KIA Sorento, which for a 6 cyl, 3.5 L, Automatic 6-spd gets 20 MPG city and 27 MPG highway www.fueleconomy.gov. I might also look at buying a scooter. Of course a scooter may not be useful year round unless you live in a climate that would allow for this. Some scooters are noted to…...

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