Studies: Consumers More Interested in Alternative Fuel—If It Pays
Nov. 14, 2014—A pair of studies released Wednesday highlight American consumers’ increasing interest in hybrid-electric and alternative-fuel vehicles. Although this interest is dependent primarily on one thing: money.
According to a survey from the National Association of Convenience Stores (NACS), more than three out of every four consumers (74 percent) would consider buying a hybrid-electric vehicle in the next decade. And similar results were found for fuel cell technology (60 percent), natural gas (58 percent), or flex fuel vehicles (58 percent).
However, the survey states this is “heavily motivated” by economic factors. Roughly 66 percent of all consumers say their interest in alternative fuel is more based on financial reasons than environmental ones—and that number jumps to 79 percent for those interested in hybrid-electric vehicles.
A similar study by AutoTrader.com revealed a nearly identical result. In its survey, consumers selected “better fuel economy” 70 percent of the time as the primary reason for looking into alternative fuels, followed by “cost of savings on gas” at 56 percent. Only 28 percent said their interest was based on the vehicles being “better for the environment.”