Survey: Consumers Willing To Pay More For Plug-In Vehicles
Most consumers would consider an alternative propulsion vehicle – even at a higher price.
According to a national survey conducted by market researcher InnovateMR, the majority of automotive consumers are interested in alternative propulsion options such as plug-in hybrids and battery electric vehicles. Even if the upfront cost is higher than a traditional ICE vehicle purchase.
By switching to an electric vehicle, drivers can significantly decrease their fuel consumption. This fact was cited as the greatest benefit among survey respondents. In the long term, driving electric can save owners money in fuel and maintenance costs.
Existing owners can attest to the benefits of electric vehicle ownership. The most famous example of this phenomenon is known as the Tesla stretch. Nevertheless, this is not unique to Tesla. Many Chevy Bolt, BMW i3 and other plug-in owners happily spent more than they would have been willing to on an equivalent ICE vehicle. Thankfully, a decade of falling battery prices have made electrics more affordable than ever.
InnovateMR surveyed 750 consumers across the country. According to chief researcher Lisa Wilding-Brown:
Consumers are hungry for new technology and powertrain alternatives. Growth trends are accelerating in certain regions of the U.S.
The question becomes what is the tipping point for cost-payback and mainstream consumer buy-in to alternatives.
It comes as no surprise that younger buyers are more interested in such a purchase. 80% of people between the ages of 18 and 34 and 70% of 35-54 year olds said they would be willing to spend more on an alternative propulsion vehicle.
Overall, men expressed greater interest in plug-in vehicles (73%) than women (60%). Those with an undergraduate degree (71%) or a graduate degree (85%) were also more willing to pay more than those with a high school education (49%). Meanwhile, only 48% of consumers over the age of 55 would consider paying more for a plug-in vehicle.