Gas-Powered Car Owners Favor Hybrids Over Electric in Latest US Study

A recent study from the United States has revealed a noteworthy trend among vehicle owners, showing that 8.3% of households with gas-powered cars opted for a hybrid as a replacement last year. Interestingly, this data suggests a higher inclination toward hybrid vehicles compared to battery-electric options.

Key Findings:

According to data from S&P Global Mobility covering January to October 2023, 8.3% of households owning gasoline vehicles chose either a traditional hybrid or a plug-in hybrid when seeking a replacement. The figure peaked at 9.9% in October, indicating a significant 3.8% increase from October 2022.

In contrast, the study found that only 5.7% of gasoline-powered vehicle owners made the transition to a battery-electric vehicle in October. Several factors may contribute to this trend, including the average monthly payment for new gas vehicles being $675, slightly lower than the $670 for a hybrid. Plug-in hybrids have a higher average monthly payment at $798, and electric vehicles top the list at $828 per month.

Popular Hybrid Choices:

Among the preferred hybrid models for traditional combustion-powered vehicle owners, the Honda CR-V Hybrid claimed the top spot. It was followed by the Toyota RAV4 Hybrid and Honda Accord Hybrid. Surprisingly, the Tesla Model Y emerged as the most popular electrified vehicle, with 112,195 registrations from January to October. The Tesla Model 3 followed with 60,417 registrations.

Consumer Trends:

The study suggests that the automotive industry's shift to fully electric vehicles might not be as rapid as anticipated. US consumers seem to be gravitating towards more sustainable and energy-efficient options, with a preference for hybrids over direct electric alternatives. Tom Libby, Associate Director for Loyalty Solutions and Industry Analysis at S&P Global Mobility, believes that the choice of hybrids over electric vehicles might indicate a certain hesitancy to fully embrace electricity as the primary means of propulsion.

Conclusion:

As the automotive landscape evolves, the study highlights an interesting consumer trend, showcasing a preference for hybrid vehicles over fully electric options among gas-powered car owners. This nuanced approach suggests a cautious shift toward sustainability, emphasizing the importance of understanding consumer preferences in the ongoing transformation of the automotive industry.