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SUVs Lure Hybrid, EV Owners
The ratio of hybrid and electric vehicle owners in the U.S. who traded in their cars for a traditionally powered vehicle has climbed to a record 55% so far this year from only 40% in 2012, according to online car-buying service Edmunds.com.
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The ratio of hybrid and electric vehicle owners in the U.S. who traded in their cars for a traditionally powered vehicle has climbed to a record 55% so far this year from only 40% in 2012, according to online car-buying service Edmunds.com.
Over the same period, the proportion of alternative-power car owners who traded to an SUV rose to 22% from 12%.
Edmunds blames lower gasoline prices, which erode the fuel saving benefits of more expensive hybrid power. Since gasoline costs about half its peak in 2012, it now takes twice as long more than 10 years to offset the price premium on the hybrid version of a Toyota Camry sedan.
Research director Jessica Caldwell says hybrid and EV owners appear to be increasingly driven by economic rather than environmental concerns. Edmunds estimates EVs and hybrids captured only 2.7% of new-car sales in the U.S. in January-March 2015 compared with 3.3% in the same period last year.
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