Snapshot of a Hybrid Owner

Hybrid Owner Snapshot

According to new data from Experian, hybrid vehicles still make up only a small percentage of all cars on the road today, but they're gaining market share. The data company's study showed that hybrid car market share went from 2.2% in 2011 to 3.1% in 2012.

Who's buying hybrids? The study also took a look at the typical hybrid owner and came up with an interesting snapshot. First off, hybrid consumers have a higher credit score than those buying a non-hybrid car; the average score of a hybrid owner who applies for a loan is 790 compared to 755 for non-hybrid loan applicants. Experian also notes that hybrids tend to appeal to a younger audience; 25- to 34-year-olds are 16% more likely than average to live in a household that owns or leases a hybrid vehicle, the agency reports.

Experian's data also shows that the average new hybrid vehicle loan is $25,807 while the average non-hybrid new-vehicle loan is $26,691. The average monthly payments differ by only $1 — $461 for hybrid owners and $460 for non-hybrid owners — because of the difference in interest rates. Hybrid vehicle owners typically pay a 3.51% interest rate, Experian reports, while non-hybrid new-car owners pay an average rate of 4.36%.

The agency lists the top 10 financed new hybrids and electric cars in 2012 and their percentage of market share as follows:

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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%

Comments 

It's important for people to be environmentally conscious, we do have to live here after all. But before we're going to really be able to take that next step as a population prices will have to come down. Not only for environment friendly cars, but anything we can do that is eco-friendly as well.

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