Experian Automotive released findings from an analysis of the US hybrid vehicle segment showing that market share of hybrid vehicles has increased by 40.9% since 2011, going from 2.2% in 2011 to 3.1% in 2012. While hybrid vehicles still only make up slightly more than 1% of the total vehicles in operation, the segment has witnessed steady market share growth over the past several quarters, the information services company said.
|Snapshot of a typical hybrid owner. Source: Experian. Click to enlarge.|
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.
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%.
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% of all vehicles financed were hybrids, up from 2.3% in 2009 and 1.5% in 2006.
The lease/loan ratio in 2012 for hybrid vehicles was 21.4% lease and 78.6% loan.
Toyota held the top four spots for financed new hybrid vehicles with Toyota Prius (37.2%); Camry (8.9%); and the Prius V (8.6%). The Chevy Volt came in 5th with 6.3%, followed by Hyundai Sonata (4.8%); Lexus CT 200h (4.2%); Kia Optima (2.7%); Nissan LEAF (2.7%); and Lexus RX 450h (2.3%).