CHICAGO — If consumers have to pay $4 per gallon of gas for an extended period of time, the vast majority of them say they will buy a more fuel-efficient vehicle, according to a new Cars.com survey regarding gas prices and their effect on car-buying decisions. The survey results showed that 85 percent of consumers said a prolonged period of $4 gasoline prices would prompt them to buy a more fuel-efficient car. Of that 85 percent, 28 percent said they would buy a more fuel-efficient car immediately and 57 percent said they would buy a more fuel-efficient car the next time they purchased a car, the survey also revealed. However, there is a threshold to how much consumers are willing to pay to get better gas mileage, the survey showed. According to officials, the survey asked consumers, all things being equal, how much more they would pay for a car that got 40 miles per gallon versus a car that got 25 miles per gallon. More than 60 percent said they would pay $2,000 or less and 21 percent said they wouldn’t pay any more for it, the results revealed. “Clearly, when it comes to fuel-efficiency, there is a contradiction between what consumers want and what they are willing to pay for,” [said Patrick Olsen, editor-in-chief at Cars.com.] “That puts a bigger burden on auto makers who claim that they will have to add thousands of dollars to the cost of each vehicle to meet the fuel-economy standards of 35 miles per gallon by 2020.”
Source: Auto Remarketing
Are you going to buy a more fuel efficient vehicle? When? And how much are you willing to pay for better fuel economy? Leave us a comment!
