New Survey from Progressive Reveals How Drivers Would Spend Their Savings If They Drove a 100 MPGe Car and How They’re Adjusting to Rising Gas Prices
Leah Knapp, 440-395-9928
It may sound like a fantasy – but as summer kicks off with all- time-high gas prices – the race to build 100 mile per gallon or energy equivalent (MPGe) vehicles is on! And the result will be money in drivers’ pockets, not gas pumps.
The goal of the Progressive Insurance Automotive X PRIZE is to inspire a new generation of viable, super-fuel-efficient vehicles that get 100 MPGe – four times more than the current average of 25 miles per gallon. Based on today’s average mileage, a 100 MPGe car would save drivers about $1,300 a year – or the equivalent of a monthly mortgage payment for many people.
So how would you spend the money? A recent survey by Progressive finds that the majority of respondents would pay off their credit card or other debt (35 percent). Thirty-one percent say they would save the money, and 11 percent say they would make home improvements or take a vacation.
One respondent was clear on how the money would not be spent, saying the savings would go towards “anything BUT gas.” And at least one respondent sounds ready for a new generation of super-fuel- efficient vehicles saying it would be spent on a “plug-in car.”
“It’s critical that we find a way to make the vehicles on our roads more fuel efficient,” said Brian Silva of Progressive. “That’s why we partnered with the X PRIZE Foundation to sponsor the Progressive Automotive X PRIZE. This competition isn’t about fantasies or science experiments. It’s about developing 100 MPGe vehicles that people want to buy and can afford.”
Until the era of the 100 MPGe car arrives, 60 percent of drivers surveyed plan to alter their summer driving habits. Sixty-five percent say they would take fewer trips, 36 percent say they would take shorter trips, and 21 percent say they would not take any trips at all this summer.
Of those drivers most likely to alter their summer driving habits due to rising gas prices, Midwesterners lead the pack (67 percent), followed by Southerners (60 percent). Drivers in the Northeast come in a close third (58 percent), with West Coast drivers (54 percent) least willing to alter driving habits.
About the Progressive Automotive X PRIZE Competition:
The goal of the Progressive Automotive X PRIZE, a product of the X PRIZE Foundation, is to inspire a new generation of viable, super- fuel-efficient vehicles that offer more consumer choices. Ten million dollars in prizes will be awarded to the teams that win a stage race for clean, production-capable vehicles that exceed 100 MPGe.
The Progressive Automotive X PRIZE will place a major focus on affordability, safety, and the environment. It is about developing real, production-capable cars that consumers want to buy, not science projects or concept cars. This progress is needed because today’s oil consumption is unsustainable and because automotive emissions significantly contribute to global warming and climate change.
For more information about the Progressive Automotive X PRIZE, please visit www.progressiveautoxprize.org or e-mail [email protected]
The Progressive Group of Insurance Companies, in business since 1937, is one of the country’s largest auto insurance groups, the largest seller of motorcycle and personal watercraft policies, and a market leader in commercial auto insurance based on premiums written.
Progressive is committed to becoming consumers’ #1 choice for auto insurance by providing competitive rates and products that meet drivers’ needs throughout their lifetimes, superior online and in- person customer service, and best-in-class, 24-hour claims service, including its concierge level of claims service available at service centers located in major metropolitan areas throughout the United States.
Progressive companies offer consumers choices in how to shop for, buy and manage their auto insurance policies. Progressive offers its products, including personal and commercial auto, motorcycle, boat and recreational vehicle insurance, through more than 30,000 independent insurance agencies throughout the U.S. and online and by phone directly from the Company. Private passenger auto products and prices are different when purchased directly from Progressive or through independent agencies. To find an agent or to get a quote, go to www.progressive.com.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at (NYSE:PGR).
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