While there is no engine more American than the V8, it appears as though powerplant is falling out of favor with many U.S. consumer. Stricter CAFE regulations may have automaker concerned about the future of the V8, but many consumers are opting for more fuel efficient engines in the face of rising gas prices and a general trend toward greener vehicles.
According to a study by Edmunds, V8 demand has fallen in every segment except for full-size pickup trucks. The report finds that overall V8 take rates have fallen from 19% in 2006 to a current rate of 15%.
Not surprisingly, the most fuel inefficient segment — SUVs — has seen the sharpest drop off in V8 demand. Two years ago, 24% of buyers opted for a V8, but at the end of 2007, that number fell to just 18%. The full-size V8 sedan market has also seen a shift in demand, with V8 take rates falling from 36% to 29% in the same time frame.
Within the segment, Chrysler’s 300 and Dodge Charger sedan have seen some of the biggest declines. At one point, 60% of Charger buyers opted for the HEMI V8, but now the HEMI only has 38% take rate across the 12 vehicles it is offered in. Chrysler even openly admits that the HEMI is not the engine of the future.
Despite the decline in most segments, V8 demand in full-size trucks has actually grown — going from 55% in 2006 to its current level of 59%. Edmunds speculates that the increase is due to casual truck buyers dropping out of the market, leaving only those who need a more powerful work truck.
There is no question that the fate of the V8 engine is up in the air, with automakers canceling V8 engine programs in favor of more fuel efficient options.
