People would love to buy plug-in cars if affordable
October 22nd, 2009 - 2:26 pm ICT by IANSWashington, Oct 22 (IANS) People would love to buy plug-in hybrid electric vehicles, but only if the price is affordable, says a survey.
The University of Michigan (U-M) survey of a nationally representative sample of 2,513 adults aged 18 and over was conducted between July and November 2008.
“The data provide strong evidence that a combination of economic and social incentives may be most effective in successfully introducing these vehicles,” said Richard Curtin, director of the of Michigan Surveys of Consumers, conducted by the U-M Institute for Social Research.
It should be no surprise that vehicle purchases, typically the second largest purchase households make, would be very sensitive to price, Curtin says.
Overall, when given no cost or fuel-saving estimates, 42 percent of those surveyed said there was at least some chance that they would buy a plug-in hybrid electric vehicles (PHEV) in the future.
Researchers then asked respondents to rate the likelihood of purchasing a PHEV under three different cost-scenarios, each time assuming they would save 75 percent in fuel costs compared to a traditional, petrol-powered vehicle.
With each successive doubling of the price of PHEVs, the probability of purchase fell by 16 percentage points.
On average, 46 percent said there was some chance they would purchase a PHEV that cost $2,500 more than a traditional vehicle; 30 percent said there was a chance they would buy if the PHEV cost $5,000 more; but just 14 percent said there was a chance if it cost an additional $10,000.
“Indeed, 56 percent of all consumers responded that there was no chance that they would buy a PHEV at the top premium,” Curtin said.
But although consumer acceptance of PHEVs was not determined solely by cost issues, the role of environmental considerations played a smaller role in consumer attitudes about PHEVs than had been anticipated, said an U-M release.
The findings were released at The Business of Plugging In: A Plug-In Electric Vehicle Conference in Detroit.
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Tags: consumer acceptance, consumer attitudes, consumers, curtin, environmental considerations, fuel costs, fuel saving, households, hybrid electric vehicles, incentives, likelihood, percentage points, phev, phevs, probability, representative sample, respondents, scenarios, university of michigan, vehicle purchases
