Most of previous studies on the market structure were based on the frequently purchased packaged goods market. Among them, the factor-analytic market structure models investigated the relationship between observed attributes and consumer choice, and attempted to subjectively interpret the underlying dimensions of the inferred vehicle attributes by examining the relative locations of the choice alternatives in the attribute space. On the other hand, the current study investigates the automobile industry which is characterized by its large number of competing vehicle models (which are durable goods) and attempts to relate the consumer’s evaluation of observed vehicle attributes to the underlying dimensions of the inferred attributes from the factor-analytic approach. Empirical application of the regression of the two underlying dimensions on various explanatory variables (e.g., vehicle price, rebate, maintenance cost, horse power, interior & exterior design, style, fuel economy) showed that one dimension was closely related to economic value and the other to vehicle performance value. This regression approach resulted in more objective interpretation of the inferred dimensions which was not possible in the previous analysis of the factor-analytic models that relied heavily on subjective interpretation of the dimensions. In the future research, it would be fruitful to examine the consistency of the two underlying dimensions of the economic and performance values over time to exclude the possibility that the result only holds for the data used for the current study. In addition, it might be necessary to check if two dimension solution is optimal because it could be possible to find higher dimension solution is optimal in the other data sets.