SANTA MONICA, Calif.,
April 21, 2015 /PRNewswire/
-- Car buyers are trading in hybrid and electric cars for SUVs
at a higher rate than ever before, according to a new analysis from
car-buying platform Edmunds.com. The analysis offers a surprising
look at how today's gas prices are drawing hybrid and EV owners
toward gas-guzzling vehicles at a much more accelerated pace than
in recent years.
According to Edmunds.com, about 22 percent of people who have
traded in their hybrids and EVs in 2015 bought a new SUV. The
number represents a sharp increase from 18.8 percent last year, and
it is nearly double the rate of 11.9 percent just three years ago.
Overall, only 45 percent of this year's hybrid and EV trade-ins
have gone toward the purchase of another alternative fuel vehicle,
down from just over 60 percent in 2012. Never before have loyalty
rates for alt-fuel vehicles fallen below 50 percent.
"For better or worse, it looks like many hybrid and EV owners
are driven more by financial motives rather than a responsibility
to the environment," says Edmunds.com Director of Industry Analysis
Jessica Caldwell. "Three years ago,
when gas was at near-record highs, it was a lot easier to
rationalize the price premiums on alternative fuel vehicles. But
with today's gas prices as low as they are, the math just doesn't
make a very compelling case."
To underscore the point, Edmunds calculates that at the peak
average national gas price of $4.67/gallon in October
2012, it would take five years to break even on the
$3,770 price difference between a
Toyota Camry LE Hybrid ($28,230) and
a Toyota Camry LE ($24,460). At
today's national average gas price of $2.27/gallon, it would take twice as much time
(10.5 years) to close the same gap.
Edmunds' analysis comes at a time when overall sales of
alternative vehicles have continued to slide. EVs and hybrids
accounted for just 2.7 percent of all new car sales in the first
quarter of 2015, down from 3.3 percent during that same period last
year. The share of SUVs, meanwhile, has increased from 31.8 percent
in Q1 2014 to 34.2 percent in Q1 2015.
Shoppers who want to learn more about hybrid and electric
vehicles on today's new and used market are encouraged to visit
Edmunds.com at http://www.edmunds.com/hybrid/. Shoppers can also
calculate "breakeven" times using Edmunds' Gas Guzzler Calculator
at http://www.edmunds.com/calculators/gas-guzzler.html?sv.
About Edmunds.com, Inc.
Car-buying platform Edmunds.com serves nearly 18 million
visitors each month. With Edmunds.com Price
Promise®, shoppers can buy smarter with instant,
upfront prices for cars and trucks
currently for sale at 10,000 dealer franchises
across the U.S. Shoppers can browse not only dealer inventory,
but also vehicle reviews, shopping tips, photos, videos and feature
stories on both Edmunds' wired site and on its acclaimed mobile
apps. Regarded as one of the best places to work in
Southern California, Edmunds.com
was also named one of "The World's Top 10 Most Innovative Companies
of 2015 in Automotive" by Fast Company. Edmunds welcomes all
car-shopping questions on its free Live Help Line at
1-855-782-4711 and help@edmunds.com, via text at
ED411 and on Twitter and Facebook. The company
is based in Santa Monica, Calif.
and has a satellite office in downtown Detroit, Mich., but you can find Edmunds from
anywhere on YouTube, Pinterest, LinkedIn, Instagram,
Google+ and Flipboard.
Contact:
Aaron Lewis
Edmunds.com Corporate Communications
www.Edmunds.com
Media Hotline: 310-309-4900
pr@edmunds.com
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SOURCE Edmunds.com