National Survey Shows 29% of Those Who Intend to Acquire a New Vehicle in the Next Year Will Seek Fuel-Efficiency If Gas Prices Hit $2 Per Gallon
ROCHESTER, N.Y., April 14 -- New national survey results reveals that among those who plan to acquire a new vehicle within the next year, more will consider fuel-efficient vehicles as gas prices rise.
Data show that given rising fuel costs in the U.S., a majority (81%) of those who are intending to acquire a new vehicle in the next year are likely to consider purchasing or leasing a more fuel-efficient vehicle. Furthermore, of those "intenders," car owners (85%) are more likely than truck owners (72%) to consider acquiring a vehicle that is more fuel-efficient.
These are some of the results of a nationwide survey conducted online by Harris Interactive(R) between March 21 and 26, 2003, with a sample of 1,058 adults who own and purchased or leased a new vehicle in the last four years or who said that they intend to purchase or lease a new vehicle in the next year. These data refer to the more than half (541) of all respondents who said they "intend" to acquire a new vehicle in the next year.
Gas prices: How high is too high for automobile consumers?
Over half (59%) of intenders are likely to consider a more fuel-efficient vehicle if the price of fuel is two dollars or less per gallon. At under two dollars per gallon, 30% will consider a more fuel-efficient vehicle. At two dollars per gallon, another 29% of those who are preparing to acquire a new vehicle in the next year will consider a more fuel-efficient vehicle. About the same percentage of truck owners (30%) and car owners (27%) are likely to consider fuel efficiency as a factor once the price of fuel reaches two dollars per gallon.
Compared to the rest of the country, those who live in the West and intend to acquire a new vehicle in the next year have a higher tolerance for higher fuel prices. For just over half (53%) of them, it will take a price of $2.50 per gallon or more to motivate them to consider a more fuel-efficient vehicle.
Fuel economy among consumers' top requirements when thinking about acquiring a new vehicle
While reliability and safety/security are the most important consumer requirements for a new vehicle, 39% of intenders rank fuel economy as one of the top three most important requirements they have for a new vehicle, ahead of comfort (32%), interior (13%) and exterior (24%) styling and passenger capacity (17%). Nearly three-quarters (73%) rank reliability, 55% rank security/safety and 48% rank performance in the top three most important requirements for a new vehicle. Those who intend to acquire a car in the next year (48%) are twice as likely as those who intend to acquire a truck (24%) to rank fuel economy as one of the top three most important requirements for a new vehicle.
TABLE 1
% LIKELY TO CONSIDER BUYING A MORE FUEL-EFFICIENT VEHICLE
"Given the rising cost of fuel, how likely are you to consider buying a
vehicle which is more fuel-efficient?"
Base: Those who intend to purchase/lease a new vehicle within the next year
Total Car Owners Truck Owners
% % %
Very Likely 40 47 26
Somewhat Likely 42 37 46
Very/Somewhat Likely 81 85 72
TABLE 2
% RANKED IN THE TOP 3 MOST IMPORTANT REQUIREMENTS FOR A VEHICLE
"Thinking about the requirements you have for your next vehicle, please rank
the following in order of their importance?"
Base: Those who intend to purchase/lease a new vehicle within the next year
Total Car Owners Truck Owners
% % %
Reliability 73 79 67
Safety/Security 55 54 53
Performance 48 47 54
Fuel Economy 39 48 24
Comfort 32 29 36
Exterior Styling 24 21 27
Passenger Capacity 17 12 21
Interior Styling 13 10 16
TABLE 3 FUEL PRICE AT WHICH ONE-YEAR VEHICLE PURCHASE/LEASE INTENDERS WILL CONSIDER A
MORE FUEL-EFFICIENT VEHICLE-CAR VS. TRUCK OWNERS "How high does the price of fuel have to be before you will consider acquiring
a more fuel-efficient vehicle?"
Base: Those who intend to purchase/lease a new vehicle within the next year
Total Car Owners Truck Owners
% % %
Less than $1.50 8 9 5
$1.50-$1.99 22 23 19
$2.00 29 30 27
$2.01-$2.49 4 3 1
$2.50 or more 38 34 47
TABLE 4 FUEL PRICE AT WHICH ONE-YEAR VEHICLE PURCHASE/LEASE INTENDERS WILL CONSIDER A
MORE FUEL-EFFICIENT VEHICLE-REGION "How high does the price of fuel have to be before you will consider acquiring
a more fuel-efficient vehicle?"
Base: Those who intend to purchase/lease a new vehicle within the next year
Total Northeast Southeast N. Central S. Central West
% % % % % %
Less than $1.50 8 5 4 5 5 6
$1.50-$1.99 22 20 25 18 23 18
$2.00 29 32 35 33 28 20
$2.01-$2.49 4 4 3 3 3 3
$2.50 or more 38 39 32 40 41 53
Methodology
This survey was conducted online within the United States between March 21 and 26, 2003 among a nationwide cross section of 1,058 adults who either purchased/leased a new vehicle in the past four years or who intend to purchase/lease a new vehicle in the next year. Figures for age, sex, race, education, income and number of adults in the household were weighted where necessary to bring them into line with their actual proportions in the population.
In theory, with probability samples of this size, one could say with 95 percent certainty that the results have a statistical precision of plus or minus 3 percentage points (for the total sample) and plus or minus 4.3 percentage points (for the "purchase/lease intender" sample) of what they would be if the entire population had been polled with complete accuracy. Unfortunately, there are several other possible sources of error in all polls or surveys that are probably more serious than theoretical calculations of sampling error. They include refusals to be interviewed (non-response), question wording and question order, and weighting. It is impossible to quantify the errors that may result from these factors. This online survey is not a probability sample.
These statements conform to the principles of disclosure of the National Council on Public Polls.
About Harris Interactive(R)
Harris Interactive (www.harrisinteractive.com) is a worldwide market research and consulting firm best known for The Harris Poll(R), and for pioneering the Internet method to conduct scientifically accurate market research. Headquartered in Rochester, New York, U.S.A., Harris Interactive combines proprietary methodologies and technology with expertise in predictive, custom and strategic research. The Company conducts international research through wholly owned subsidiaries-London-based HI Europe (www.hieurope.com) and Tokyo-based Harris Interactive Japan-as well as through the Harris Interactive Global Network of local market- and opinion-research firms, and various U.S. offices. EOE M/F/D/V
To become a member of the Harris Poll Online(SM) and be invited to participate in future online surveys, visit www.harrispollonline.com.
