Electric Car Buying Guide: Factors to Consider Assignment Sample

Introduction: Petrol, Diesel, or Electric: Making the Right Choice

Background of research

Consumer decision-making is a crucial process that associates with consideration of varied factor such as- cost, reliability and practicality. When customers get multiple options, they prefer that one which ensures higher utilities to them. In terms of buying a new car, customers need to select between petrol, diesel and electric version. However, buyer analyse numerous element and afterward takes significant decision (Zhang and Dong, 2020). In the current times, awareness towards environment has been increased to the significant level. By keeping in mind aspect pertaining to eco-friendliness now customers give more preference to electronic vehicles. In this context, it becomes essential to ascertain which type of car is better under the criteria such as petrol, diesel or electronic one. The present research proposal will be based on investigating the factors considered by consumers during purchasing process of new car. A comparative analysis among petrol, diesel and electric version would be done so factors behind purchasing can be evaluated. Furthermore, literature review in research context is going to be conducted and justification behind selection of research methods will be given.

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Research aim and objectives

Aim

To investigate the factors considered by customers while purchasing new car. A comparative analysis among petrol, diesel and electric version:

Objectives

• To understand the factors that aligned with the purchasing of car by consumers.
• To evaluate factors that influence buyers to select among petrol, diesel or electric version car.
• To recommend aspects which customers should consider while buying a new car.

LITERATURE REVIEW

Theme 1: Understanding the factors behindcustomers purchasing new cars by customers

Wang et al, (2021) elucidated that customers goes through a significant process of decision making while purchasing small things and when it comes to big assets the procedure becomes more specific. The key factors which influence the buying power of customers in terms of purchasing car are- brand and price, reliability of car, practicality, performance, comfort, safety measures, service cost and fuel economy. There are different aspects, however these are the topmost which analysed by customers Brand et al, (2020) opposed and stated that, top of all, buyer examine the cost and prefers that vehicle which is of low price and highly reliable. For instance- In UK cost of petrol is-144.3p whereas, cost of diesel is 151.3p (Prices of fuel in UK, 2023). Hence, customers who are price conscious going to prefer petrol car as it is providing cost benefit. Reliability indicates the level of trust towards car, which means it, can be started each day without facing any difficulty. Montoya-Torres et al, (2023) revealed, practical features of car have been evaluated under which buyer sees the performance, safety measures and comfort level. Hence, these are the factor that considered by consumer while purchasing car. These are the major components which are taken in consideration in order to make purchasing decision. Customers mostly see price element as their purchasing power based upon this, however, this is for those consumers who are from low-middle income group. Whereas, consumers with high income group prefers quality over price and therefore, they prefers costly cars.

Hidayat et al, (2021) commented that there are many customers who do not evaluate cost of car they just prefer brands such as- Jaguar, Morgan and so on. These products are part of big brand and therefore, at the time of buying this, consumer does not fear about performance or safety measures. Thus, it could be said that, customers have difference perception and this is due to different income status. For instance- consumers with low income prioritise cost whereas, buyers with high income prefers brand. Thus, this could be said that, different perceptions of consumers impact their decision making while purchasing new car. Logan, Nelson and Hastings, (2020) said opinion of customer plays important role in terms of implementing buying decision related to car and this perception can be influenced due to different factors such as- influence from family members, quality preference and cost. From the analysis it has been witnessed that, income status of customer plays most important role when it comes to buying car. Within this, consumers who are highly concerned with environment look for petrol cars as it contributes less in creating pollution.

Theme 2: Evaluating the factors that influence customers to choose among petrol, diesel or electric version car

Riaz et al, (2021) articulates that, currently customers have different option when it comes to buying car such as- diesel, petrol and electric version. In petrol car fuel has been injected, the air/fuel mixture ignited and accordingly car starts working. The main element is fuel, thus, consumers who are prone to sustainability also prefer these vehicles as they does not create higher environmental pollution. Whereas, diesel cars produce extreme pollution, however, these are cost effective. Customers with the low or middle income status select diesel car as it provides price efficiency and reliability. Diesel car also assures effective service which makes it a better choice while buying. However, customers do not get additional features in. The customers who are price-conscious do not look for additional features they just want effective services in limited price. Therefore, they favour to buy diesel cars.

In the opposition Kang et al, (2020) said electric version does not need gasoline and they runs on batteries, these vehicles are extremely environment friendly. The cost of buying electric car is high in comparison of petrol and diesel vehicles and this is due to battery pack. These are considered as safest among all if use within considering proper risk management. But, high voltage shock hazard can lead to create safety threats for customers and therefore, at present the market share of electric car [16.1] in UK is comparatively less in against of petrol and diesel cars (Market share of electric cars in UK, 2023). These cars are highly costly (£70,910) as it concerned with technological advancement Mile et al, (2021) favoured electric cars and stated these vehicles asks for one time investment as there is no extra expense related to petrol and diesel however, battery needs to be charged on time that costs less in comparison of petrol and diesel. Hence, the topmost factors that impacts customer to select among petrol, diesel and electric cars are- cost, performance, sustainability, safety and reliability. Customer analyse all of these factors and afterwards most appropriate decision is made. The process of decision making is vital and it goes through varied parameter and then, consumer make choice, while implementing decision customer also looks for after sale services and accordingly car is purchased.

RESEARCH METHODOLOGY

The researcher will allocate qualitative information and secondary data would be collected. The major reason behind gathering theoretical data aligns with reliability and accuracy of information. Furthermore, it is flexible in nature that assures greater support to analyst (Saunders, Lewis and Thornhill, 2012). The secondary data will be collected while approaching goggle scholar and books from library. In order to analyse information, thematic analysis will be done.

The information will be collected within considering inclusion & exclusion criteria along with using key words.

Inclusion and exclusion criteria

Key terms

The key words which will be used for finding articles are-

• Decision making process
• Consumer
• Purchasing
• Car
• Petrol
• Diesel
• Electric vehicle
• Factors

GANTT CHART

References

Books and Journals

• Brand, C., Anable, J. and Dixon, J., 2020. Ending the Sale of New Petrol, Diesel and Hybrid Cars and Vans: Department for Transport and Office for Low Emission Vehicles Consultation.
• Hidayat, A., Wijaya, T., Ishak, A. and Endi Catyanadika, P., 2021. Consumer trust as the antecedent of online consumer purchase decision.Information.12(4). p.145.
• Kang, H.J., Shin, J.H. and Ponto, K., 2020. How 3D virtual reality stores can shape consumer purchase decisions: The roles of informativeness and playfulness.Journal of Interactive Marketing.49.pp.70-85.
• Logan, K.G., Nelson, J.D. and Hastings, A., 2020. Electric and hydrogen buses: Shifting from conventionally fuelled cars in the UK.Transportation Research Part D: Transport and Environment.85.p.102350.
• Milev, G., Al-Habaibeh, A. and Shin, D., 2021. Impact of Replacing Conventional Cars with Electric Vehicles on UK Electricity Grid and Carbon Emissions. InEnergy and Sustainable Futures: Proceedings of 2nd ICESF 2020(pp. 199-206). Cham: Springer International Publishing.
• Montoya-Torres, J., Akizu-Gardoki, O. and Iturrondobeitia, M., 2023. Optimal replacement scenarios for an average petrol passenger car using life-cycle assessment.Journal of Cleaner Production.423. p.138661.
• Riaz, M.U., Guang, L.X., Zafar, M., Shahzad, F., Shahbaz, M. and Lateef, M., 2021. Consumers' purchase intention and decision-making process through social networking sites: a social commerce construct.Behaviour & Information Technology.40(1). pp.99-115.
• Saunders, M., Lewis, and Thornhill, A., 2012. Research Methods for Business Students. 6 th ed., FT Prentice Hall (available online from CCCU Library).
• Wang, C., Wang, Y., Wang, J., Xiao, J. and Liu, J., 2021. Factors influencing consumers' purchase decision-making in O2O business model: Evidence from consumers' overall evaluation.Journal of Retailing and Consumer Services.61. p.102565.
• Zhang, X. and Dong, F., 2020. Why do consumers make green purchase decisions? Insights from a systematic review.International journal of environmental research and public health.17(18). p.6607.

Online

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• Market share of electric cars in UK, 2023. . Available through < https://www.mordorintelligence.com/industry-reports/uk-electric-vehicle-market >
• Prices of fuel in UK, 2023. Online. Available through: < https://www.confused.com/petrol-prices>