Motorcycle buying interest increased 48 percent in March 2008 compared to March 2007, according to NADAguides.com, even though sales of motorcycles were down over seven percent at the end of 2007.
The company, a vehicle pricing and information website, says it believes this growth in interest — in spite of lackluster sales — is an indicator consumers are increasingly considering motorcycles as ‘daily drivers’ versus luxury purchases as concern grows over soaring fuel prices.
The company defines an increase in motorcycle buying interest as the number of new motorcycle prices provided to consumers at its website, with analysis for this study comparing data from March 2007 to March 2008.
Lenny Sims, motorcycle editor and vice president of operations at NADAguides.com, says this increase in interest comes on the heels of a recent report by the U.S. federal Energy Information Administration that predicts consumers will pay an average of US$3.54 per gallon of gas this summer driving season (April through September 2008), up a whopping 61 cents from last year — with gasoline prices in some parts of the country expected to cross the $4 per gallon threshold.
“We believe the current state of the economy, coupled with recent summer fuel price predictions, has caused consumer mindset about motorcycles to shift,” said Sims.
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