electric vehicle buyers younger than those buying a hybrid

bwilson4web · Apr 24, 2014

The full title: "Experian Automotive: Consumers purchasing an electric vehicle are younger and more affluent than those buying a hybrid":

. . . the analysis showed that in 2013, more than 45 percent of hybrid car buyers were 56 years old or older, while roughly 26 percent of electric car buyers were of the same age. The greater percentage (55 percent) of electric buyers were between the ages of 36 years old and 55 years old. Additionally, nearly 21 percent of consumers purchasing an electric car had an average household income of $175,000 or more. Conversely, only 12 percent of consumers purchasing a hybrid had an average household income of the same level.

“At first glance, one would imagine that consumers purchasing either a hybrid or electric vehicle would be nearly identical; both are environmentally conscious, are of similar ages and have higher income levels,” said Melinda Zabritski, senior director for Experian Automotive. “While for the most part those statements ring true, our research shows that there are slight differences between the two. One possible reason for the disparity could be the growing popularity of the higher-end luxury electric models available.”
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Source:

What attracted me to this report was something I heard on Autoline Daily:

. . . But the most interesting part of the study to me was the amount of money being financed and how much people are paying for these things per month. These kinds of payments are what people are paying for luxury cars.
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Source: AD #1362 – C-MAX Sales Get C-, Mustang’s Electronic Line-Lock, Formula One Changes – Autoline Daily
The reference was to this table:

Column 1 Column 2 Column 3

0 [th]Average[th]New hybrid vehicle loan[th]New electric vehicle loan

1 [tr][td]Amount financed[td2]$26 835[td2]$28 835

2 [tr][td]Monthly payment[td2]$467[td2]$549

3 [tr][td] . . . [td2] . . . [td2] . . .

Source:

Somehow I'm off by a factor of two from what I think of as luxury, a Lincoln MKZ hybrid, versus these prices. There are more details about numbers of the top five hybrids and EVs.

Bob Wilson

electric vehicle buyers younger than those buying a hybrid

bwilson4web BMW i3 and Model 3

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electric vehicle buyers younger than those buying a hybrid

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