According to the latest study by J.D. Power and Associates, interest in hybrid cars is down from 57% last year to 50% this year. New-vehicle shoppers are, according to the study, less enchanted with the real-world fuel economy ratings from the EPA.
While a downward trend was seen across all age groups, the youngest group 16-25 saw the greatest decline from 73 percent in 2006 to 60 percent this year.
In my opinion, the big drop-off may be due to the cost. As hybrid interest has increased, the youngest buyers may be realizing the initial cost to purchase may be too high and instead are looking at small cars. Hybrid car buyers tend to be older and wealthier. Since consumers expect to pay $2,396 more for a hybrid, that may put the younger crowd off.
According to the study, those asked said they expect hybrids to improve their fuel economy by 18.5 mpg.
The study is also showing a remarkable increase in interest in clean diesel, rising from 12 percent to 23 percent. Consumers were willing to pay an addition $1,491 and expect a 15 mpg increase for the extra cost.
Tuesday, July 17, 2007
Interest in Hybrids is Down
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