72% of drivers would consider switching vehicles if fuel prices rise or stay high

Gasoline, hybrid drivers cite 2,200 won per liter as the tipping point

84% willing to pay more for eco-friendly vehicles

44% would spend 5 million won or more above the price of a combustion-engine car

Results of K Car's survey on driving behavior and attitudes toward eco-friendly vehicle adoption in an era of high fuel prices, conducted among 500 drivers nationwide. [Provided by K Car]
Results of K Car's survey on driving behavior and attitudes toward eco-friendly vehicle adoption in an era of high fuel prices, conducted among 500 drivers nationwide. [Provided by K Car]

More than seven in 10 drivers said they would consider switching vehicles if fuel prices remain elevated for an extended period, a new survey shows. Among those open to a change, 76 percent said they would choose an electric or hybrid vehicle — a finding that suggests high fuel costs could accelerate the shift toward eco-friendly cars.

K Car, a certified used-car platform, announced Thursday that 72 percent of the 500 drivers it surveyed nationwide said they would consider replacing their vehicle if fuel prices rise or stay high.

Asked how much their monthly fuel or charging costs would need to increase before they would think about switching vehicles, 35 percent said "20 percent or more." Another 10.4 percent said "at least 15 percent but less than 20 percent," and 9.8 percent said "at least 10 percent but less than 15 percent." Some 10.2 percent said they were already considering a vehicle change.

By contrast, 28 percent said they would not switch vehicles even if fuel costs rose.

In terms of actual fuel prices, the most common threshold cited by gasoline and hybrid vehicle drivers was the 2,200-won-per-liter range, at 27.9 percent. Another 18.5 percent pointed to the 2,000-won-per-liter range.

Among diesel drivers, the 2,000-won-per-liter range was the top answer at 25 percent, followed by the 2,100-won range at 21.7 percent. While the exact threshold varies by fuel type, the data suggest that once gasoline or diesel prices cross 2,000 won per liter, drivers begin seriously weighing a switch.

However, a temporary spike in fuel prices alone was not enough to prompt an immediate change. When asked how long high prices would need to last before they would actually decide to switch, 26.8 percent said "one year or more" and 26.4 percent said "at least six months but less than a year" — nearly identical responses. Another 14.2 percent said three to six months.

The results suggest that sustained high prices lasting at least six months, rather than a short-term surge, are what would meaningfully drive replacement demand.

Among those who said they would switch, electric vehicles were the most preferred fuel type, chosen by 39.2 percent of respondents. Hybrid vehicles came in second at 36.8 percent, bringing the combined share of the two eco-friendly options to 76 percent. Gasoline vehicles were chosen by just 6.2 percent, LPG vehicles by 2 percent, and diesel vehicles by 1.8 percent.

A large share of respondents also said they would pay a premium for an eco-friendly vehicle. Some 83.8 percent said they were willing to spend more than they would on a combustion-engine car.

The most common range for the additional amount respondents were willing to pay was 3 million won ($2,170) to less than 5 million won, cited by 21.8 percent. That was followed by 7 million won to less than 10 million won at 16 percent, 10 million won or more at 14.2 percent, and 5 million won to less than 7 million won at 13.6 percent. Taken together, 43.8 percent said they would pay at least 5 million won more than the price of a conventional vehicle.

Preferences for new versus used eco-friendly vehicles were nearly evenly split. Some 45.2 percent said they would buy a new car regardless of price, while 44.6 percent said they would opt for a used vehicle if the price difference were large enough.

The most common monthly fuel or charging expenditure among respondents was 100,000 won to less than 150,000 won, reported by 30.8 percent. Another 23.6 percent spent 150,000 won to less than 200,000 won per month, and 17.6 percent spent 200,000 won to less than 300,000 won. In total, 72 percent of all respondents said they spend between 100,000 won and 300,000 won a month on vehicle fuel.

When it came to cutting fuel costs in the near term, respondents preferred using discounts over switching vehicles. With multiple answers allowed, 50.8 percent said they would use fuel discount cards or seek out cheaper gas stations. That was followed by reducing unnecessary driving at 37.4 percent, walking or cycling for short distances at 31.6 percent, fuel-efficient driving such as maintaining optimal speeds at 30.6 percent, and using public transportation more at 30 percent. Only 17 percent said they would switch to an eco-friendly vehicle as an immediate cost-cutting measure.

"Consumers respond to short-term fuel price increases by cutting back on driving or taking advantage of discounts, but when high prices persist, they begin seriously considering a vehicle change and a shift to eco-friendly cars," said Jung In-kook, president of K Car. "K Car will continue to analyze driving behavior and consumer sentiment to stay ahead of market shifts and provide information that helps customers make smart vehicle choices."


kwater@heraldcorp.com