Mercedes Mullins
Fuel efficiency is an important consideration for car buyers. A 2020 survey by Statista's Global Consumer Survey found that 66% of respondents considered fuel efficiency to be especially important when deciding to buy a new car, with 89% of Americans agreeing that automakers should continue to improve fuel economy in new models. This demand for more fuel-efficient vehicles is causing car dealerships in Europe and parts of Asia to rapidly increase their stock of electric cars. While consumers value fuel efficiency, their purchasing decisions are also influenced by other factors such as safety, reliability, and purchase price.
| Characteristics | Values |
|---|---|
| Percentage of car buyers who consider fuel efficiency as a top priority | 59% to 79% |
| Percentage of car buyers who consider fuel efficiency more important than 5 years ago | 72% |
| Percentage of car buyers who drove out of their way to purchase cheaper fuel | 37% |
| Percentage of car buyers who consider low purchase price important | 40% to 54% |
| Percentage of car buyers who consider safety important | 64% to 66% |
| Percentage of car buyers who consider reliability important | 69% |
| Percentage of prospective buyers who said fuel economy left the most room for improvement | 42% |
| Percentage of Americans who agreed that automakers should continue to improve fuel economy in new models | 89% |
| Percentage of Americans who agreed that it is important to improve fuel economy on larger vehicles | 84% |
| Percentage of Americans who agreed that they expect each new generation of vehicles to be more fuel efficient | 83% |
| Percentage of Americans who agreed that automakers have a responsibility to continue improving gas mileage | 74% |
| Percentage of Americans who support increasing fuel efficiency standards | 79% |
| Percentage of car buyers who would pay extra for better fuel economy | 13% |
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What You'll Learn
- Fuel efficiency is a top priority for car buyers
- Buyers are willing to pay more for better fuel efficiency
- Fuel efficiency is especially important for younger adults
- Fuel economy is improving in vehicles that were once gas guzzlers
- Fuel efficiency is more important to buyers than performance or acceleration
Fuel efficiency is a top priority for car buyers
Fuel efficiency is a top priority for many car buyers. A 2018 study by ACEEE found that consumers ranked fuel economy as a top priority, with 59% of respondents selecting it as an important factor when considering a new car. This was reinforced by a 2020 Statista Global Consumer Survey, which found that 66% of respondents considered fuel efficiency to be especially important when deciding to buy a new car. This was 12 percentage points higher than those who prioritised a low price and only 2% less than those who considered safety their top concern.
The importance of fuel efficiency to car buyers is further emphasised by their willingness to pay extra for better fuel economy. A study by the American Council for an Energy-Efficient Economy (ACEEE) and researchers from Simon Fraser University found that respondents indicated they would be willing to pay $10,730 more for a new vehicle to save $1,000 in fuel costs per year. This suggests that car buyers value fuel economy beyond just the immediate savings at the pump, as only 10% of Americans planning to purchase or lease a vehicle in the next two years would expect to make up the higher purchase price through fuel savings in the first year.
The presence of fuel economy information during the car-buying process also appears to influence consumers' choices. A study by the Abdul Latif Jameel Poverty Action Lab found that consumers who received information about fuel efficiency were more likely to choose more efficient vehicles and ranked fuel economy higher relative to other attributes. Similarly, the Consumers Union-ACEEE survey found that respondents who looked at a fuel-economy label were more likely to select more fuel-efficient vehicles.
While fuel efficiency is a priority for many car buyers, it is important to consider other factors that influence their choices. Safety and reliability are often ranked as more important than fuel economy, and consumers' competing priorities at the time of purchase may diminish the impact of any one factor. Additionally, the availability of certain features and the overall cost of the vehicle can impact buyers' decisions, as high efficiency may be bundled with premium features, making the vehicle less affordable for some buyers.
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Buyers are willing to pay more for better fuel efficiency
Fuel efficiency is a top priority for car buyers. A 2020 update of the Global Consumer Survey by Statista revealed that 66% of respondents considered fuel efficiency especially important when deciding to buy a new car. This is 12 percentage points higher than those who considered a low price important, while 64% said safety was their top concern.
The electric car revolution is anticipated to cause a boom in new car sales and owners as costs come down. Many younger adults across the world are expecting their next car to be electric, and cleaner automotive technology is becoming a key selling point for car dealers.
Car buyers are willing to pay more for better fuel efficiency, even if the initial cost exceeds the savings they get at the gas pump. A survey of 1,883 Americans with a driver's license who plan to purchase or lease a new or used vehicle within the next 10 years found that respondents indicated they would be willing to pay $10,730 more for a new vehicle to save $1,000 in fuel costs per year. This could be a decision that helps with the vehicle's long-term value, even if there is no immediate payoff.
The presence of federally mandated fuel-economy labels may also have an effect on consumer behaviour. Respondents who simply looked at a fuel-economy label were more likely to select more fuel-efficient vehicles and to rank fuel economy as important relative to other attributes.
Those who said they plan to buy a large SUV or pickup truck were willing to pay the most for fuel economy. This suggests that buyers of larger vehicles care about fuel economy in addition to vehicle size and performance.
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Fuel efficiency is especially important for younger adults
Fuel efficiency is a top priority for car buyers, with 66% of prospective buyers in a survey stating that it is particularly important to them. This is especially true for younger adults, for whom an electric car is often the anticipated next vehicle. Fuel efficiency is a vehicle's ability to extract energy from fuel, and improving it can help limit the impact of climate change.
Younger adults are more likely to be concerned about the environmental impact of their vehicles, and with good reason. Cars, trucks, and other motor vehicles account for nearly 60% of oil consumption and over 25% of greenhouse gas emissions in the US. By choosing a more fuel-efficient vehicle, younger adults can reduce their carbon footprint and contribute to the fight against climate change. Additionally, fuel-efficient vehicles often have lower fuel costs, saving money for their owners. This is an important consideration for younger adults, who may be more budget-conscious and concerned about the long-term value of their vehicles.
The electric car revolution is expected to cause a boom in new car sales, with costs coming down and battery ranges improving. This shift towards electric vehicles is driven in part by the increasing demand for fuel efficiency, especially from younger adults. As a result, car dealerships are rapidly increasing their stock of electric cars, and battery range is becoming a key selling point. The transition to electric vehicles is also beneficial for the environment, as it reduces dependence on oil and non-renewable resources.
While some buyers prioritize other factors such as safety and reliability, fuel efficiency remains a crucial consideration for younger adults. It is often a deciding factor when choosing between vehicles, and many are willing to pay extra for a more fuel-efficient option. This preference for fuel efficiency is shaping the automotive industry, with manufacturers responding to consumer demands and improving fuel economy in new models.
In conclusion, fuel efficiency is especially important for younger adults due to their environmental concerns, budget constraints, and the anticipated shift towards electric vehicles. By prioritizing fuel efficiency, younger adults can make a positive impact on the environment and their finances, while also influencing the automotive industry to become more sustainable.
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Fuel economy is improving in vehicles that were once gas guzzlers
Fuel efficiency is a key consideration for car buyers, with 66% of respondents in a 2020 Global Consumer Survey ranking it as extremely important when deciding to buy a new car. This is especially true for younger adults, who are increasingly anticipating their next car to be electric. However, some consumers still prioritize other characteristics such as speed, luxury, and space over fuel efficiency.
Despite the importance placed on fuel efficiency by car buyers, there is a perception that automakers have slowed down their efforts to improve fuel economy in new models. This has led to calls for stronger federal standards and regulations to encourage the development and adoption of more fuel-efficient vehicles. In response, automakers argue that they are doing their best to balance consumer demands for vehicle size and performance with the need for improved fuel economy.
The situation is further complicated by the fact that even as fuel-efficient cars become more available, some buyers continue to prioritize other factors such as style and performance. This is particularly true for luxury and high-performance vehicles, where fuel efficiency takes a back seat to other considerations. Additionally, while electric vehicles offer a more fuel-efficient alternative, their higher purchase price can be a barrier for some buyers.
However, there is evidence that fuel economy is improving even in vehicles that were once known for their poor fuel efficiency, or "gas guzzlers". For example, SUVs, which have traditionally been gas guzzlers, are now offering improved fuel efficiency, with some models achieving average fuel efficiency levels. This improvement is driven by consumer demand for more fuel-efficient options and the presence of federally mandated fuel-economy labels, which influence consumer behavior towards more fuel-efficient choices.
In conclusion, while fuel economy is improving across the automotive industry, including in former gas guzzlers, there remains a complex interplay between consumer demands, automaker priorities, and regulatory influences. As the push for electrification and improved fuel efficiency continues, it is likely that the market will increasingly reflect these changing demands and priorities, with fuel-efficient vehicles becoming more prevalent and accessible.
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Fuel efficiency is more important to buyers than performance or acceleration
Fuel efficiency is a top priority for car buyers. A 2020 survey by Statista's Global Consumer Survey found that 66% of respondents considered fuel efficiency to be especially important when deciding to buy a new car. This is 12 percentage points higher than those who considered a low price to be important, and only 2% less than those who considered safety their top concern. Other studies have also found that fuel efficiency is a top priority for car buyers, with some suggesting that 79% of respondents considered it more important than other factors such as safety and price.
While some consumers may be willing to pay extra for fuel efficiency, it is not the only factor they consider when purchasing a car. Safety, reliability, and purchase price are also important factors that influence buyers' decisions. In addition, fuel efficiency may be valued differently depending on the type of vehicle. For example, buyers of larger vehicles such as trucks and SUVs may care about fuel economy in addition to vehicle size and performance.
The presence of fuel economy information during the car-buying process can also influence consumers' choices. Studies have shown that respondents who were presented with fuel economy labels were more likely to select more fuel-efficient vehicles and rank fuel economy as an important factor. However, this may not always translate into actual vehicle purchases due to the limited combinations of features offered by manufacturers and the higher prices of more efficient vehicles.
While fuel efficiency is important to car buyers, the availability of electric vehicles and improvements in fuel-saving innovations can also impact their decisions. The increasing stock of electric cars from companies like Tesla, Nio, and Volkswagen may shift the focus from fuel efficiency to battery range. Additionally, automakers' efforts to comply with stricter global emissions standards will result in steady increases in the fuel efficiency of new cars.
Overall, while fuel efficiency is a significant factor for car buyers, it is just one of many considerations that influence their purchasing decisions. Buyers weigh fuel efficiency against other factors such as performance, acceleration, safety, reliability, and price to make choices that best fit their needs and preferences.
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Frequently asked questions
66% of respondents in a 2020 Global Consumer Survey said fuel efficiency is extremely important to them when deciding to buy a new car. Another survey by the American Chemistry Council found that 79% of respondents considered fuel efficiency more important than other factors when shopping for a new car.
Fuel efficiency is valued by car buyers, but it is usually not the only factor they consider. Safety, reliability, purchase price, and driving comfort are some other important metrics that influence a buyer's decision. In a study by ACEEE, consumers selected four options most frequently: purchase costs (72%), reliability (69%), safety (66%), and fuel economy (59%).
Yes, car buyers have indicated a willingness to pay more for better fuel efficiency. In a study, respondents said they would be willing to pay $10,730 more for a new vehicle to save $1,000 in fuel costs per year. Another study found that 43% of respondents wanted to see the payoff within the first year, while 29% said they would wait one to three years.
