Fact #330: July 26, 2004
Fuel Savings Required to Purchase Fuel Efficient Vehicle
Opinion Research Corporation conducted a nationwide survey asking people about their next vehicle purchase. They asked the following question:
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 cost $1,200 more, how much would it have to save you EACH YEAR in fuel costs before you would be willing to buy it?
Eighteen percent of respondents said that they would need $500–749 per year fuel savings to purchase the more expensive fuel-efficient vehicle; 19% said that they would need $1,000–1,499 per year fuel savings.
Purchase a Fuel-Efficient Vehicle
|Less than $100||12%|
|$1,500 or more||10%|
Source: Nationwide random phone survey conducted by Opinion Research Corporation for the National Renewable Energy Laboratory, May 20–23, 2004 (N = 520).