71% of Consumers Not Likely to Spend Over $25,000 on Next New Vehicle Purchase
Apparently, there’s a price point at which the majority of new vehicle buyers get turned off: $25,000.
That’s the latest word from Navigant Research.
The firm recently conducted a survey of 1,084 consumers. The findings show that 71% of those surveyed hope to spend $25,000 or less on their next new vehicle purchase. 43% of the respondents stated that their price threshold was only $20,000. These responses are not specific to plug-in vehicles. The survey solely asked price questions, with no connection to vehicle type.
If we remove the federal tax credit from the equation (most buyers shopping in the $20,000 to $25,000 price range likely don’t qualify for the entire $7,500 tax credit, so we’re excluding that here), then which plug-in vehicles can be purchased in the US for $25,000 or less?
If you go solely by MSRP, only one comes to mind: Smart Fortwo Electric Drive.
- Morgan Stanley Says EVs Will Reach Price Parity With ICE By 2025
- Electric Vehicles Will Continue to Improve and Prices Will Continue to Fall
- As New Vehicle Prices Rise by 1.1%, Plug-In Vehicle Prices Fall by 15% Over Past 12 Months
- Will Falling Prices on Electric Vehicles Eventually Hurt the Segment?