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Pain at the Pump: How Gasoline Prices Aect Automobile Purchasing in New and Used Markets

In this paper we investigate how gasoline prices affect equilibrium prices and market shares for cars of different fuel efficiencies in both the new and used car markets. We find that, in general, when gasoline prices increase, prices fall and market shares decrease for fuel-inefficent cars, and the reverse for fuel-efficient cars. However, the relative magnitudes of these effects differ dramatically between the new and used car markets: in the new car market, the adjustment is primarily in market shares, while in the used car market, the adjustment is primarily in prices. We explore reasons for these differences between the markets.