EV Buyers Younger, More Affluent Than Hybrid Purchasers

There aren’t too many of them, but electric-vehicle buyers are younger and more affluent than eco-minded counterparts who purchase hybrid vehicles, according to an analysis by data-tracker Experian Automotive.

The number of EVs in operation grew by 245% in 2013. But hybrid vehicles still made up 98% of all alternative-powered vehicles on the road, according to Experian. The number of hybrids in operation increased about 19%.

More than 45% of hybrid buyers in 2013 were 56 years old or older. About 26% of EV buyers fell in the same age range. Fifty-five percent of EV buyers were between ages 36 and 55.

Nearly 21% of EV purchasers had an average household income of $175,000 or more. Only 12% of hybrid buyers had an average household income that high.

Last year, Americans bought 489,413 traditional hybrids, 49,000 plug-in electric hybrids and 47,000 full EVs, according to WardsAuto data.

The demographic differences are curious at first glance, because “one would imagine consumers purchasing either a hybrid or electric vehicle would be nearly identical,” says Melinda Zabritski, Experian Automotive’s senior director.

“Both are environmentally conscious, are of similar ages and have higher income levels,” she says. “One possible reason for the disparity could be the growing popularity of the higher-end luxury electric models available.”

The top five hybrid models on the road in 2013 were the Toyota Prius, Toyota Camry, Honda Civic, Toyota Highlander and Ford Fusion.

The top five EVs: Nissan Leaf, Tesla Model S, Ford Focus, Fiat 500e and Mitsubishi i-MiEV.

The analysis found that overall new EV consumers had a higher credit score (749) than new hybrid buyers (741). The average monthly payment for a new electric vehicle was $549. That’s $82 more than a new hybrid.

The average amount financed for a new hybrid was $26,835 at 2.77% for 62 months. For a new EV, it was $28,835 at 2.67% over 58 months.

The average length EV lease was 29 month at $263 a month compared with 35 months at $386 for a hybrid.

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