Despite record-high fuel prices, the majority of American motorists aren’t willing to downsize or otherwise shift to more efficient vehicles from the ones they currently own.
But they might find other ways to conserve fuel going forward, according to a newly released study from AutoPacific.
“Consumers are turning to technology rather than downsizing to solve the problem of rising fuel prices,” said the research firm’s president Ed Kim, noting there is growing interest in alternative powertrains, including battery-electric vehicles.
Motorists aren’t ready to switch
The typical American motorist was paying $4.236 for gasoline as of Wednesday morning, reported the AAA, down a nickel from a week ago, but up 70¢ in a month.
In its latest Fuel Price Impact Survey, AutoPacific asked buyers about the impact of that surge. About 52% of those who responded said they’d stay with the same type of vehicle they’re now driving, even if gas were to keep climbing as high as a national median $5.32 a gallon. Only 25% said that get them to change vehicle types.
“Historically, and during the long stretch of fairly consistent fuel prices, respondents have said it would take approximately $1.50 more per gallon to cause them to change their vehicle type,” said Kim, who also serves as AutoPacific’s chief analyst.
Hybrids, EVs gain traction
Sport utility and crossover utility vehicle owners appear ready to consider alternative powertrain options, with 47% expressing interest in hybrid or plug-in hybrid technology, while 30% would consider an all-electric SUV or crossover when shopping for a new vehicle if gas prices keep rising.
By comparison, only 7% would get out of their utility vehicles into a more energy-efficient sedan or some other passenger car.
If anything, the study found that interest in SUVs and CUVs actually continues to rise. It helps that today’s models are more efficient than those of years past, typically experiencing only a few miles per gallon difference from sedans and coupes.
The study also found that interest in pickups remain high; 13% of the respondents expect to buy one the next time they’re in the market.
More options
The good news for motorists is that they’ll be getting more options in the next few years. Automakers are rapidly replacing V-6 and V-8 powertrains with smaller turbo packages, as well as electrified drivetrain options. Toyota, for example, plans to have hybrid versions of virtually all product lines in the next several years. It added a gas-electric option for the new 2022 Tundra pickup.
“Consumers have far more options now than during previous fuel price spikes with the influx of hybrid, PHEV, and electric vehicles now available for sale and coming in the near future, and it seems that fuel price increases and cries for energy independence have given electrified powertrains a boost in consumer demand,” said Kim.
AutoPacific’s latest study found strong agreement about where gas prices are heading. Nearly six in ten expect fuel costs to continue heading up. Of those respondents, 81% see the upward trend to be directly tied to Russia’s invasion of Ukraine.
A quarter of those surveyed say the Ukraine conflict is leading them to be more open to buying an EV the next time they’re in the market. Among “EV intenders,” 85% said their primary drive is the chance to lower energy costs, while 52% said “conflicts around the world make them want to reduce their consumption of oil,” AutoPacific noted in a summary of the latest research.
