Experian Automotive: Hybrid Market Share Grew 41 Percent in 2012
Experian Automotive found that buyers of hybrid vehicles, which make up slightly more than 1 percent of total vehicles in operation, aren't just environmentally conscience, they are 'economically minded" as well.
SCHAUMBURG, Ill. — Experian Automotive released findings from an analysis of the hybrid vehicle segment in honor of Earth Day. The analysis showed that market share of hybrid vehicles increased by 40.9 percent since 2011 to 3.1 percent in 2012. While hybrid vehicles still only make up slightly more than 1 percent of 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 loans and purchased finance contracts related to hybrid vehicle purchases. According to the study, consumers who financed the purchase of their hybrid vehicle have significantly higher credit scores than those purchasing another type of new vehicle. The average credit score for a financed new hybrid was 790 vs. the national average credit score of 755 for financing 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 |
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