New data from Kelley Blue Book (KBB) indicates that consumers' opinions on high gas prices and economic conditions are slowly becoming more positive.
The latest report from KBB polled car shoppers in the month of May and asked them a few questions about their feelings on the economy and fuel costs. For several months in a row, most consumers felt that gas prices would rise over the next 30 days, but now the majority (52 percent) feel that they will stay the same or fall.
"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 market analyst for KBB.
In addition, drivers are feeling better about their general economic situation. For example, 27 percent of respondents in January said they worried about being able to qualify for an auto loan. That number is now down to just 17 percent. A similar trend occurred when drivers were asked to describe their economic outlook. Just 21 percent said "poor" in May, compared to 27 percent in February.
Drivers shouldn't fret too much about the car buying process. Even drivers with bad credit or no credit can be approved for auto loans if they apply online through a third-party provider of car finance.