Survey Says: One-Third of US Auto Buyers Likely to Consider Hybrid, Diesel- or Ethanol-fueled Vehicle for Next Car
24 April 2006
|Vehicle types considered. Click to enlarge.|
A recent Wall Street Journal Online/Harris Interactive Personal Finance Poll found that one-third (33%) of US adults who plan to purchase or lease a new vehicle say they are most likely to seriously consider an alternative-fueled vehicle for their next purchase.
Most (92%) of those adults say they are willing to pay more for such a vehicle than a traditional, gasoline-powered version of the same vehicle. Top reasons for considering an alternative-fueled vehicle include concerns for the environment and the cost of fuel.
Almost three in five (58%) adults plan on purchasing a new vehicle, and while 37% say they are most likely to seriously consider a traditional, gas-fueled vehicle, 25% will seriously consider a hybrid, 7% an ethanol-fueled and 2% a diesel-fueled vehicle.
Those most likely to consider alternative-fueled vehicles include:
- Those who live in the West (38%)
- Young adults age 18 to 34 (36%)
- College graduates (44%)
- Those with an income of $75K or more (40%)
According to the survey, although 8% of responders who would likely consider an alternative-fueled vehicle wouldn’s be willing to pay one cent more, the average extra amount willing to be paid is $9,258.
On average, those in the South are willing to pay more ($10,786 extra) for an alternative-fueled vehicle than those in the West ($9,343 extra), Midwest ($8,648 extra) or Northeast ($7,418 extra).
Women are willing to pay $11,274 more on average for a vehicle that runs on alternative fuel, compared to men who are willing to pay $7,506 more on average.
On average, those with incomes of $50K to $74.9K are willing to pay more than those making less or more than them for an alternative-fueled vehicle ($10,376 extra for those making $50K to $74.9K compared to $7,484 extra for those making less than $35K, $8,501 extra for those making $35K to $49.9K, and $8,594 extra for those making $75K or more).
|Reasons for considering. Click to enlarge.|
Among those who say they would seriously consider a vehicle that runs on alternative fuel, almost half (47%) say their main reason for doing this is because it is better for the environment. Another 45% percent say their main motive is because their fuel costs will be lower.
Substantially fewer adults cite the fact that they can take advantage of the Federal Clean-Fuel Tax Deduction (3%) and that they will be able to drive in High Occupancy Vehicle (H.O.V.) and carpool lanes (1%) as their most important reason.
Those in the Northeast (54%) and Midwest (55%) are most likely to cite fuel costs as their main reason for considering a vehicle that runs on alternative fuel, while those in the West are most likely to cite environmental concerns (64%).
Women are almost twice as likely as men to cite environmental concerns as their main reason for consideration (62% and 34%, respectively), while more than half (52%) of men cite fuel costs for their main reason compared to 36% of women.
Harris Interactive conducted the online within the United States between April 4 and 6, 2006 among 2,516 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.
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