Study: More buyers considering Toyota over any other brand — even EV buyers

Study: More buyers considering Toyota over any other brand — even EV buyers

More U.S. households are considering an EV purchase than many people likely expect, but the path forward for battery-powered vehicles isn’t all smooth. A new study from GBK Collective found that half of potential car buyers are considering an EV or hybrid, but the data also revealed that the other half are committed to gas, while most are concerned about purchase and operating costs.

Toyota was the most-considered automaker among both internal combustion and electric buyers, with Honda taking the second spot among all buyers and Tesla coming in second among EV buyers. Ford, Honda, and Chevrolet were the next most considered brands. Beyond Tesla, however, upstart EV makers are having trouble breaking through into the mainstream.

 

GBK surveyed more than 2,000 consumers and found that, while automakers have so far targeted tech-savvy buyers and early adopters, more mainstream buyers are considering an EV purchase. That said, budget-conscious buyers will become a larger portion of shoppers, so EV prices will become a larger issue going forward.

Interestingly, GBK’s data showed that potential EV buyers would pay up to $7,650 more than gas-vehicle buyers. Around 14 percent of households currently own a hybrid or PHEV, while just 3 percent own EVs, but GBK believes the next round of buyers will change that.

New EV buyers are more concerned about their environmental impacts than existing owners, while people considering hybrid cars are interested in lowering their ownership and operation costs. Tax incentives also played a role, with 47 percent saying it was a primary reason for looking at EVs.

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People considering an EV or hybrid aren’t straying far from the overall attitude of the U.S. car market, however. GBK found that many prefer SUVs in neutral colors, similar to buyers on the gas side of the coin. Cost will remain a top factor in buyers’ minds going forward, though, and overall operating costs are a part of the equation. People want to know that the EV they buy won’t need a battery replacement or costly repairs down the road.