Study: Electric car owners younger, richer than hybrid drivers
EVs and hybrids cost more than typical models, but what are people paying?
Electric car buyers are by and large younger and more affluent than hybrid buyers, according to a new study by Experian Automotive.
The credit bureau released a study this week coinciding with Earth Day that looked at the demographics of hybrid and electric car buyers through 2013.
About 54.6 percent of hybrid owners were under 56 years old, compared to 73.6 percent of electric owners. Some 20.7 percent of electric vehicle owners had an average household income of $175,000 or more, where only 12.4 percent of hybrid owners could claim the same. In a sign of electric car pricing coming down to earth, the average new electric vehicle loan was only $2,000 more than the average hybrid loan ($28,835 to $26,835), and average loan payments for electrics were $82 higher than those of hybrids ($549 to $467).
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Average interest rates and length of loan terms for electrics (2.67 percent and 58 months) were lower than those of hybrids (2.77 percent and 62 months). What is interesting is that while 98 percent of alternative-powered vehicles on the road are hybrids, according to Experian, the average credit score of hybrid buyers is very close to that of the smaller, more affluent subsegment of electric buyers (741 for hybrid buyers versus 749 for electric).
The markets for electric and hybrid vehicles are becoming more competitive every year. In fact, the study showed that the number of electric vehicles in operation in 2013 increased by 245 percent. Not only do consumers have a greater number of options today than ever, but the increased interest in hybrids and electrics means manufacturers are dropping prices and offering more incentives to drivers than before.
The Experian Automotive study also looked at the most popular hybrid and electric vehicles on the road as of the end of 2013. Toyota dominates the hybrid list with the Prius, Camry and Highlander hybrids coming in first, second, and fourth respectively. The Honda Civic Hybrid places third on the list, with the Ford Fusion Hybrid rounding out the top five. On the electric side, the Nissan LEAF leads the way. Tesla’s Model S shows up in second place, likely throwing the curve on the electric buyer’s affluence numbers with its typical $100,000-plus price tag. The rest of the top five electric models include, in order, the Ford Focus Electric, Fiat 500e and Mitsubishi i-MiEV.
The batteries for those electric cars when no longer viable.......are horrible for the environment. Where is the coverage about this?
Sad that these people:
1. Will never experience the sound of a muscle car
2. Are to stupid to realize that the electricity comes from burning fossil fuels
And also more annoying on the road.
Every time I see one of these cars, it is in the left hand lane, blocking the flow of traffic driving 10 mph under the speed limit. Those are the times I wish I was driving a F350 with a steel cage on the front. lol
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