Consumer Research Indicates Fuel Efficiency and Environmental Stewardship as Main Reasons for Electric Vehicle Ownership and Consideration

CHICAGO, April 22, 2020 – In honor of Earth Day 2020, the leading automotive digital marketplace, Cars.com Inc. (NYSE: CARS), names the 2020 Toyota Corolla Hybrid its Eco-Friendly Car of the Year as part of the company’s annual Best of Awards. This year’s winner faced tough competition from Chevrolet, Honda and Tesla; however, the hybrid’s high fuel efficiency, consumer-friendly price and wide appeal to the masses made it the clear-cut choice.

“Toyota’s first-ever Corolla Hybrid stood out for gas mileage and value, yes, but with quick, smooth power, fuss-free controls and comfortable road manners, it feels and looks like a car that all can enjoy,” said Jenni Newman, editor-in-chief of Cars.com. “We selected it as our Eco-Friendly Car of the Year before the pandemic, but at a starting cost of under $25,000, it’s even more relevant for those looking to buy an environmentally friendly vehicle at a bargain price.”

Other nominees for Eco-Friendly Car of the Year included:

• 2020 Chevrolet Silverado 1500 Duramax Diesel: It may seem odd that a diesel half-ton pickup truck was nominated for an eco-friendly award, but there’s a simple reason: fuel economy. The EPA officially rates the 2020 Silverado 1500 diesel at 23/33/27 mpg city/highway/combined for the two-wheel-drive model and 23/29/25 mpg for the 4×4. Starting price (without destination): $28,300
• 2020 Honda Civic: For the third consecutive year, the Civic was a nominee for the Eco-Friendly Car of the Year. The Civic earns an estimated 32 mpg combined or higher. Starting price: $19,850
• 2020 Honda Clarity Plug-In Hybrid: Delivering an impressive 47-mile all-electric range, the Clarity Plug-In Hybrid is perfect for those looking for the environmental benefits of an electric car but need the convenience of a gas vehicle. Starting price: $33,400
• 2020 Tesla Model 3: A compelling vehicle with more than enough sales to prove it, the Tesla Model 3 is a rear-wheel-drive version of the most efficient electric car on the market, rated 141 mpg-equivalent by the EPA. Starting price: $38,990

Additionally, Cars.com conducted consumer research to understand electric vehicle owners’ and first-time shoppers’ reasons for owning or potentially buying an EV, as well as the main perceived drawbacks to EV ownership1. The survey found:

• Main ownership benefits: reduced fuel costs (86%), environmental impact (73%), reduced dependency on fuel/oil (71%) and reduced maintenance costs (64%)
• Drawbacks to ownership: high initial price (55%), limited range (44%) and lack of charging locations (40%)
• Shoppers’ perceived appeal to ownership: reduced fuel costs (74%), reduced dependency on fuel/oil (67%), environmental impact (64%) and reduced maintenance costs (57%)
• Shoppers’ perceived drawbacks to ownership: high initial price (56%), limited range (49%) and limited battery life span (38%)

For more information on the Cars.com Best Of awards, visit https://www.cars.com/awards/, and to learn more about electric vehicles and reviews on newest makes and models, visit https://www.cars.com/news/electric-cars/.

Methodology

Any 2020 model-year vehicle available nationwide was eligible for the Eco-Friendly Car of the Year award, and all vehicles that reduce consumption and/or minimize the release of carbon pollutants, regardless of fuel type. The Toyota Corolla Hybrid was chosen from among five eco-friendly categories: battery-electric, plug-in hybrid, gas-electric, clean diesel and regular high-mileage gasoline.

1 The survey was fielded Jan. 31 through March 1, 2020. It received 1,290 responses – 504 EV owners and 786 EV shoppers. For the purposes of this study, any question referring to an electrified vehicle included gasoline hybrid electric vehicles, plug-in hybrid electric vehicles, battery electric vehicles, and hydrogen fuel-cell electric vehicles.