EV Consumers Passionate About Environment, Willing to Open Pocketbooks

EV Consumers Passionate About Environment, Willing to Open Pocketbooks

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TUSTIN, Calif. (June 9, 2015) – On average, 6 out of 10 consumers who plan to purchase an alternative powertrain vehicle – a vehicle powered by something other than traditional gasoline – are willing to pay more than $1,000 extra for that vehicle. According to AutoPacific’s latest Fuel Price Impact Survey (FPIS), the median amount consumers are willing to pay over the cost of a traditional gasoline engine ranges from $971 for a hybrid vehicle to $1,484 for an electric vehicle (EV). The study, conducted bi-monthly since 2005, also found that consumers’ reasons for wanting an alternative powertrain vehicle differ greatly between powertrain types. 

Why are EV consumers willing to pay? 

“People who currently own, or plan to buy, an EV are a different breed of alternative powertrain consumer,” says Ed Kim, vice president of industry analysis at AutoPacific who, in addition to forecasting annual light vehicle sales volumes, also forecasts annual sales volumes for alternative powertrain vehicles. “While hybrid consumers look for low operating costs and superior fuel economy, and diesel consumers look for low operating costs and performance, EV consumers truly strive to contribute to cleaning up the environment and often have the financial means to pay for it.” In fact, 45% of consumers planning to buy an EV are willing to pay over $2,000 extra for it. When compared with all consumers planning to purchase a hybrid, plug-in hybrid or diesel vehicle, those planning an EV are more likely to have solar panels on their house, more likely to think fuel should be taxed higher to reduce consumption, and more likely to think the US should stop drilling for oil and focus on new clean technologies and energy sources like windmill and solar farms.



About AutoPacific’s Fuel Price Impact Study

Since 2005 AutoPacific has conducted a bi-monthly Internet survey designed to measure the impact of fuel prices on consumers’ vehicle purchase decisions and driving behavior. The Fuel Price Impact Study puts years of trend data to work to understand how consumers react to fluctuating fuel prices and how the impact has changed over time.

About AutoPacific

AutoPacific is a future-oriented automotive marketing research and product-consulting firm. Every year AutoPacific publishes a wide variety of syndicated studies on the automotive industry. The firm, founded in 1986, also conducts extensive proprietary research and consulting for auto manufacturers, distributors, marketers and suppliers worldwide, as well as industry analysis that includes product cycle plans and light vehicle sales forecasting at the bodystyle level. Company headquarters and its state-of-the-art automotive research facility are in Tustin, California, with an affiliate office in the Detroit area. Additional information can be found on AutoPacific's websites:  http://www.autopacific.com and http://vehiclevoice.com/


Dan Hall, AutoPacific, (714) 838-4234, dan.hall@autopacific.com

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