Experian Automotive: Hybrid vehicle market share grew by 41 percent in 2012


kia optima
2014 Kia Optima

Hybrid buyers also have higher credit scores than those purchasing a nonhybrid vehicle

SCHAUMBURG, IL--April 22, 2013: Experian Automotive today released findings from an analysis of the hybrid* vehicle segment in honor of Earth Day. The analysis showed that market share of hybrid vehicles has increased by 40.9 percent since 2011, going from 2.2 percent in 2011 to 3.1 percent in 2012. While hybrid vehicles still only make up slightly more than 1 percent of the total vehicles in operation, the segment has witnessed steady market share growth over the past several quarters.

As part of the analysis, Experian Automotive also reviewed some of the financial attributes of hybrid vehicle loans. The study found that overall, consumers purchasing a hybrid have significantly higher credit scores than those purchasing another type of new vehicle. The average credit score for a loan on a new hybrid was 790 compared with the national average credit score of 755 for a loan on any new vehicle.

"Hybrid vehicle owners have long been perceived as environmentally conscience consumers," said Melinda Zabritski, Experian's director of automotive credit. "While they may have made the vehicle purchase due to caring for the environment, our research shows that hybrid owners are economically minded as well. Hybrid owners tend to have outstanding credit histories, which also has enabled them to obtain financing at lower rates than typical consumers."

INFOGRAPHIC: Snapshot of a typical hybrid owner

The study also showed that the average amount financed on a hybrid vehicle was $25,807 and the average monthly payment was $461. Additionally, the average interest rate for a new hybrid vehicle loan was 3.51 percent.

Average

Hybrid vehicle loan

Average new auto loan

Amount financed

$25,807

$26,691

Monthly payment

$461

$460

Interest rate

3.51%

4.36%

Credit score

790

755

Loan term

61 months

65 months

*For this analysis, hybrid vehicles were defined by the following classifications: Alt Power -- Electric Car; Alt Power -- Hybrid Car; Alt Power -- Hybrid Truck.

Other findings on hybrid vehicle financing:

  • In 2012, 3.1 percent of all vehicles financed were hybrids, up from 2.3 percent in 2009 and 1.5 percent in 2006
  • The lease/loan ratio in 2012 for hybrid vehicles was 21.4 percent lease and 78.6 percent loan

Top 10 financed new hybrid vehicles

Percentage share of hybrid market

1. Toyota Prius

37.2%

2. Toyota Camry

8.9%

3. Toyota Prius V

8.6%

4. Toyota Prius C

8.1%

5. Chevrolet Volt

6.3%

6. Hyundai Sonata

4.8%

7. Lexus CT 200h

4.2%

8. Kia Optima

2.7%

9. Nissan Leaf

2.7%

10. Lexus RX 450h

2.3%

For more information on this or other Experian Automotive industry analysis, please visit Experian Automotive4 .

Home | Buyers Guides By Make | New Car Buyers Guide | Used Car Super Search | Total New Car Costs | New Car and Truck Reviews
Automotive News | TACH-TV | Media Library | Discount Auto Parts

Copyright © 1996-2014 The Auto Channel. Contact Information, Credits, and Terms of Use. These following titles and media identification are Trademarks owned by The Auto Channel, LLC and have been in continuous use since 1987 : The Auto Channel, Auto Channel and TACH all have been in continuous use world wide since 1987, in Print, TV, Radio, Home Video, Newsletters, On-line, and other interactive media; all rights are reserved and infringement will be acted upon with force.

Privacy Statement | Size Does Matter | Media Kit | XML SITE MAP | Affiliates

Send your questions, comments, and suggestions to Editor-in-Chief@theautochannel.com.

Submit Company releases or Product News stories to submit@theautochannel.com.
Place copy in body of email, NO attachments please.

To report errors and other problems with this page, please use this form.

Link to this page: http://www.theautochannel.com/