J.D. Power 2022 APEAL Study:High Gas Prices Negatively Affecting New-Vehicle Appeal
Ah, high gas prices. The gift that keeps on giving. Not only are prices at the pump hitting consumers in their pocketbooks, but they're also harming new-vehicle appeal.
According to the J.D. Power 2022 U.S. APEAL Study, which measures owners' emotional attachment and excitement with their new vehicle, overall satisfaction with new-vehicle appeal is down slightly compared to the previous year. The dip in satisfaction directly results from a noticeable decrease in fuel economy/range satisfaction among owners of gas-powered vehicles. It also represents the first time since 2014 that overall appeal has fallen and only the fifth year-over-year decline in the study's 27-year history.
The APEAL Study asks owners about such things as the sense of comfort they feel when climbing into the driver's seat or the exhilaration they get when they step on the accelerator. From this consumer feedback, the company determines the top-performing makes and models industry-wide.
"The most important factor leading to the industry decline this year is owners' perception of their vehicle's fuel economy," said David Amodeo, director of global automotive at J.D. Power. "The study was fielded as fuel prices were experiencing a meteoric rise, and that pinch at the pump is conveyed in lower vehicle satisfaction. Battery-electric vehicles (BEVs) have not been negatively affected by the increase in fuel costs but do have issues related to battery range and charging time."