Forbes.com: US electric-car buyers are younger and richer than hybrid owners.
While it might seem logical to expect the demographics for buyers of both electric and hybrid-powered cars to be similar, the former tend to skew considerably younger and more affluent than the latter according to a market analysis conducted by Experian Automotive in Schaumburg. Ill.
Based on calendar-year 2013 sales, the study found that 55 percent of electric vehicle buyers are between 36 and 55 years old and nearly 21 percent have an average household income of $175,000 or more. By comparison, 45 percent of those driving hybrid-powered models off the lot are 56 years old or older (compared to just 26 percent of new EV owners), with only 12 percent having an annual income of $175,000 or higher.
Among those who lease their cars, the average term length for an electric vehicle sits at 29 months with a $386 monthly payment, while the typical hybrid goes for 35 months with a more-affordable $263 payment. What’s more, nearly 44 percent of EV buyers indicate they have at least one child living at home, while nearly 52 percent of hybrid car purchasers are empty nesters.
These stats would more or less reinforce the popular wisdom that hybrids, which typically cost only nominally more than comparable conventionally powered models, appeal more to family minded penny-pinchers than do the pricier EVs, which pack more in the way of high-tech luster and are often purchased as rolling status symbols (they also require a certain infrastructure – i.e. a garage and/or easy access to an updated electrical system for charging – and because of their limited range are usually the second or third car in a family’s fleet). “At first glance, one would imagine that consumers purchasing either a hybrid or electric vehicle would be nearly identical, but our research shows that there are slight differences between the two,” says Melinda Zabritski, senior director for Experian Automotive. “One possible reason for the disparity could be the growing popularity of the higher-end luxury electric models available.”
This data also helps explain the raging success of the Tesla Model S sedan, which pushes six-figures in its top form, and could bode well for Cadillac with its new ELR plug-in coupe and other luxury automakers who are readying their own EVs for affluent environmentalists.
The top five EVs in operation last year according to Experian were the Nissan Leaf, Tesla Model S, Ford Focus Electric, Fiat 500e and Mitsubishi i-MiEV, while the five most popular hybrids were the more mainstream Toyota Prius, Toyota Camry, Honda Civic, Toyota Highlander and Ford Fusion. Though hybrid vehicles still comprise 98 percent of all alternative-fuel vehicles in operation, and only a relative handful of EVs are marketed nationwide (many are offered only in California because of state regulations that require major automakers to sell at least one zero emissions model), Experian found that the number of plug-in vehicles on the road grew at a far faster rate last year – a whopping 245 percent – than hybrids, whose numbers swelled by just 19 percent.
As it is, buyers of both EVs and hybrids tend to reside in more affluent zipcodes than typical consumers, with most green-car buyers clustered in hip cities along the west coast. Based on an analysis of searches on Cars.com, the 10 cities having the largest concentration of “green” car shoppers are:
San Francisco – Oakland – San Jose, CA
Charlottesville, VA
Los Angeles, CA
San Diego, CA
Monterey – Salinas, CA
Chico – Redding, CA
Santa Barbara – Santa Mario – San Luis Obispo, CA
Portland, OR
Sacramento – Stockton – Modesto, CA
Seattle – Tacoma, WA
While it might seem logical to expect the demographics for buyers of both electric and hybrid-powered cars to be similar, the former tend to skew considerably younger and more affluent than the latter according to a market analysis conducted by Experian Automotive in Schaumburg. Ill.
Based on calendar-year 2013 sales, the study found that 55 percent of electric vehicle buyers are between 36 and 55 years old and nearly 21 percent have an average household income of $175,000 or more. By comparison, 45 percent of those driving hybrid-powered models off the lot are 56 years old or older (compared to just 26 percent of new EV owners), with only 12 percent having an annual income of $175,000 or higher.
Among those who lease their cars, the average term length for an electric vehicle sits at 29 months with a $386 monthly payment, while the typical hybrid goes for 35 months with a more-affordable $263 payment. What’s more, nearly 44 percent of EV buyers indicate they have at least one child living at home, while nearly 52 percent of hybrid car purchasers are empty nesters.
These stats would more or less reinforce the popular wisdom that hybrids, which typically cost only nominally more than comparable conventionally powered models, appeal more to family minded penny-pinchers than do the pricier EVs, which pack more in the way of high-tech luster and are often purchased as rolling status symbols (they also require a certain infrastructure – i.e. a garage and/or easy access to an updated electrical system for charging – and because of their limited range are usually the second or third car in a family’s fleet). “At first glance, one would imagine that consumers purchasing either a hybrid or electric vehicle would be nearly identical, but our research shows that there are slight differences between the two,” says Melinda Zabritski, senior director for Experian Automotive. “One possible reason for the disparity could be the growing popularity of the higher-end luxury electric models available.”
This data also helps explain the raging success of the Tesla Model S sedan, which pushes six-figures in its top form, and could bode well for Cadillac with its new ELR plug-in coupe and other luxury automakers who are readying their own EVs for affluent environmentalists.
The top five EVs in operation last year according to Experian were the Nissan Leaf, Tesla Model S, Ford Focus Electric, Fiat 500e and Mitsubishi i-MiEV, while the five most popular hybrids were the more mainstream Toyota Prius, Toyota Camry, Honda Civic, Toyota Highlander and Ford Fusion. Though hybrid vehicles still comprise 98 percent of all alternative-fuel vehicles in operation, and only a relative handful of EVs are marketed nationwide (many are offered only in California because of state regulations that require major automakers to sell at least one zero emissions model), Experian found that the number of plug-in vehicles on the road grew at a far faster rate last year – a whopping 245 percent – than hybrids, whose numbers swelled by just 19 percent.
As it is, buyers of both EVs and hybrids tend to reside in more affluent zipcodes than typical consumers, with most green-car buyers clustered in hip cities along the west coast. Based on an analysis of searches on Cars.com, the 10 cities having the largest concentration of “green” car shoppers are:
San Francisco – Oakland – San Jose, CA
Charlottesville, VA
Los Angeles, CA
San Diego, CA
Monterey – Salinas, CA
Chico – Redding, CA
Santa Barbara – Santa Mario – San Luis Obispo, CA
Portland, OR
Sacramento – Stockton – Modesto, CA
Seattle – Tacoma, WA
