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Polk: Consumers Concerned About High Cost of Hybrid Technology

July 21, 2005

A study released today from the Polk Center on Automotive Studies shows that consumers are concerned about the additional costs of hybrid technology.The survey focused on consumer awareness and the factors involved in the possible adoption and success of hybrids. According to the study, 97 percent of respondents recognize hybrid terminology, 78 percent would consider buying a hybrid and 61 percent say the cost concerns them.That 61 percent is accompanied by 30 percent saying the benefits of the hybrid are not great enough to justify the investment. At $4,000-$9,000 more than the traditional car, though, convincing consumers of the benefits is top priority for automakers.“We see the general desire for these types of vehicles growing,” said Jeff Martini, vice president of Polk’s OEM division. “However, the compelling argument to actually buy one has to be made more strongly as automakers introduce additional models equipped with this type of technology. It’s still a ‘wait and see’ game out there."The report said that two thirds of those polled didn’t see hybrids as a trend at all. This means that consumers see gas-electric cars as a serious force in the future of the auto industry.The study consisted of 307 participants from across the country aged 21 and older.
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