U.S. Department of Energy - Energy Efficiency and Renewable Energy
Vehicle Technologies Office
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.
Willingness to Pay Extra for Fuel-Efficient Vehicle with
Fuel Savings of $400 per Year
If the engine would save $400 in fuel each year, how much extra would you be willing to spend for the vehicle?
|Less than $250
|$2,000 or more
Source: Nationwide random phone survey conducted by Opinion Research Corporation for the National Renewable Energy Laboratory, May 20–23, 2004 (N = 516).
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