No, because the economy is affecting people differently. A lot of people are in real pain right now and will be worse off for a long time until it starts to get better. People in this group won't be buying much, but they probably were already in a group where they would have been buying more economical vehicles anyway. But there is another group, a large group of people, who are relatively unaffected by inflation or are actually benefiting from it, and will continue to buy SUVs because the increased gas expense doesn't bother them.
The term for this two tier phenomenon is a K-shaped economy.
https://www.bloombergquint.com/gadfly/inflation-is-bringing-back-the-k-shaped-economy This is what happened back in the 70s when we had stagflation. It refers to times when the economy seems to break into two - one half of the K falls sharply in the poor side of the recovery chart while the other half is completely separated (hence the "K" rather than a "V"-shaped recovery) but is doing well at the same time the people on the other side of the "k" are suffering. It's extraordinarily unhealthy for the country and will cause political and economic issues for a generation.
Certainly there will be some people in group one who had been stretching to buy an SUV that will go back to a car, but this change is going to happen on the margins. I will make a prediction that over the next few years many of us are going to be watching huge fancy SUVs continue to jump off dealers' lots and we're going to be asking ourselves who can afford to drive them? The answer goes back to the two-tier K-shaped economy.