High Speed Rail (HSR), a new intercity passenger mode in Turkey, has high travel time reduction potential and competes against both road and air travel modes. A survey among the current HSR users showed that pricing at intercity bus ticket level is a factor increasing the preferability of HSR. If HSR ticket price is more than bus ticket price, 60 0 of the HSR users stated to prefer HSR, while only 40 0 stated preference, if HSR is priced equal to air ticket prices. Binary logit models developed in the study suggested travel time reduction as a major factor affecting HSR choice. It was determined that Value of Time (VoT) estimations using the binary logit models vary among both HSR lines and different traveler groups.