Consumers not quite attracted by fuel-efficient and hybrid cars due to fuel prices

Article by Christian A., on June 19, 2011

Quite a lot of people have exclaimed that sales of fuel-efficient vehicles will surge as fuel prices go up but the truth is that it actually hasn’t gone up that much, according to a study conducted by the consultant firm AutoPacific of buyer behavior.

At a symposium, AutoPacific President George Peterson said that “small car and hybrid consideration is not tracking anywhere near the rate of the price of fuel as it did in 2008.” It found out that just 21% of car owners would seriously consider a hybrid or a compact car like a Hyundai Elantra, Volkswagen Jetta, or Ford Focus.

In comparison, 34% of car owners thought about buying these vehicles in 2008, which is when gasoline prices were at their highest. AutoPacific surveyed 68,000 consumers in the first quarter to get these results.

Peterson explained that the gasoline price hike in 2008 created a “panic” wherein consumers bought Toyota Priuses and replaced their Chevrolet Suburbans with very fuel-efficient crossover wagons. He added that consumers became aware that prices fell later that year.

There had been major improvements in fuel efficiency, permitting the companies to keep their larger vehicles that match their lifestyle. In addition, AutoPacific data indicate that rising interest in compact cars is the result of the appeal of higher-performance engines and added content instead of wanting better fuel economy.

But as a segment, compact and hybrid vehicles are still anticipated to expand. AutoPacific forecasts that the hybrid vehicles (including mild hybrids) will increase from 300,000 units in 2011 to 1.3 million units in 2016. With this rate of growth, it means that hybrid systems will be everywhere.

Topics: hybrid, price

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Cadillac’s CT6 full-size prestige-luxury sedan is still somewhat new. It has been offered to the global auto market for two model years – 2016 and 2017. But for those who...
by - February 19, 2017
In many industries, it is the rivalries that make things exciting. In basketball for example, there is the well-known rivalry between the Los Angeles Lakers against the Boston Celtics. For...
by - February 19, 2017
Now on sale in several major markets around the world including Europe, the BMW 5 Series (G30) heralds the arrival of the new seventh generation and represents a whole new...
by - February 19, 2017
Just recently, it was speculated that a new Porsche Cayman GT4 RS is coming. There is no official confirmation yet from the German sports car maker, but the arrival of...
by - February 18, 2017
Will there be a BMW M4 CS? Apparently, there is a Club Sport version of the BMWM4 after it was sighted in California doing a shoot for a new commercial...
by - February 18, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries