In a study conducted by J.D. Power, we can see the impact of gas prices on new car owner satisfaction. The increase in gas prices means that owners of new vehicles are less satisfied with their purchases when compared to 2021. This is the first drop in overall satisfaction since 2014 and only the fifth time a drop has been recorded in the study’s 27-year history. Although gas-powered car owners are signaling a drop in satisfaction, how do they compare to BEV and hybrid owners?
The J.D. Power APPEAL focuses on a driver’s emotional excitement if their new vehicle. Vehicles that offer owners an exciting driving experience or represent an aspirational goal usually score well in this metric. According to J.D. Power, “The APEAL Study asks owners to consider 37 attributes, ranging from the sense of comfort they feel when climbing into the driver's seat to the exhilaration they get when they step on the accelerator.”
For the 2022 study, the timing was everything as gas prices were experiencing a sharp rise. According to J.D. Power’s avid Amodeo, director of global automotive at J.D. Power, “the most important factor leading to the industry decline this year is owners’ perception of their vehicle’s fuel economy.” It’s important to note that overall new gas-powered vehicle satisfaction dropped by only 1 point on a 1,000-point scale.
The gap between the satisfaction of luxury car shoppers and mass-market cars widened significantly year of year. In 2021 the gap was only 19 points, but in 2022 this gap grew to an astonishing 31 points.
Although fuel economy played a factor in the satisfaction of internal combustion vehicles, BEVS and hybrids were less affected. In fact, BEVs still underperform when compared to traditional gas-powered vehicles with an average score of 838 compared to 846. PHEVs scored 835 while normal hybrids put up a score of 832.
Are you satisfied with your recent car purchase? If you could trade in your gas-powered car for a hybrid or BEV would you do it?