Research: Toyota Preferred by More Buyers Than Any Other Brand, Including EV Buyers

A recently conducted study has shed light on the growing consideration for EV and hybrid purchases among U.S. households. The study, conducted by GBK Collective, revealed that half of potential car buyers are now exploring the possibility of purchasing an electric or hybrid vehicle. However, it also highlighted the fact that the other half remains committed to traditional gas-powered vehicles, mainly due to concerns over purchase and operating costs.

Toyota emerged as the most-considered automaker among both internal combustion and electric vehicle buyers, with Honda closely following as the second most preferred brand among all buyers. Among EV buyers, Tesla secured the second position. Ford, Honda, and Chevrolet also garnered significant consideration from potential buyers. Despite Tesla’s popularity, it is evident that newer EV manufacturers are facing challenges in establishing themselves in the mainstream market.

The study, which surveyed over 2,000 consumers, revealed an interesting trend – while automakers have primarily targeted tech-savvy and early adopters in the past, more mainstream buyers are now seriously contemplating an EV purchase. Furthermore, it predicts that budget-conscious buyers will form a significant portion of the EV shopping demographic, making pricing a critical issue in the future.

A key finding of the study was that potential EV buyers are willing to pay up to $7,650 more than those considering a gas-powered vehicle. Currently, 14 percent of households own a hybrid or PHEV, while just 3 percent own EVs. However, it is anticipated that the next wave of buyers will lead to a substantial increase in EV ownership.

Interestingly, the data also indicated that new EV buyers are more focused on the environmental impact of their vehicles, while those considering hybrid cars are driven by a desire to reduce ownership and operation costs. Tax incentives were found to play a significant role in influencing decisions, with 47 percent of respondents citing it as a primary reason for considering an EV purchase.

Despite the shift towards electric and hybrid vehicles, there are similarities in the preferences of potential buyers with the general U.S. car market. The study noted that many buyers, regardless of their choice of vehicle technology, still prefer SUVs in neutral colors. However, cost remains a top consideration for buyers, with a strong emphasis on overall operating costs and concerns about the longevity of EV batteries. This suggests that buyers want reassurance that their EVs won’t require expensive battery replacements or repairs in the future.