Fact #327: July 5, 2004
Paying Extra for Fuel-Efficient Vehicles
Opinion Research Corporation conducted a nationwide survey asking people about their next vehicle purchase:
Consider the next vehicle you plan to purchase or lease. Suppose an optional engine was available, just as good in all respects as the engine you are considering buying, but more fuel efficient. If the engine would save $400 in fuel each year, how much extra would you be willing to spend for the vehicle?
Twenty-five percent of survey respondents said they would pay $1,500 or more in extra cost to purchase a fuel-efficient vehicle that saves them $400 per year, all other vehicle characteristics being equal. Surprisingly, 11% of respondents said that they would not pay anything extra to buy a vehicle that saves them $400 per year.
Fuel Savings of $400 per Year
|Less than $250||18%|
|$2,000 or more||21%|
Source: Nationwide random phone survey conducted by Opinion Research Corporation for the National Renewable Energy Laboratory, May 20–23, 2004 (N = 516).