Affluent Gen Xers Buying Electric Cars
Fifty-five percent of consumers who bought electric and hybrid cars in 2013 were between the ages of 36 and 55.
According to Experian Automotive, that age group outpaced those in the 56 years and older category, who comprised 45% of the vehicles’ purchases.
Additionally, nearly 21% of consumers who bought an electric car last year had an average household income of $175,000 or more. Conversely, only 12% of consumers purchasing a hybrid had an average household income of the same level.
Experian Automotive’s analysis also found that, overall, consumers purchasing a new electric vehicle had a higher credit score (749) than those purchasing a new hybrid (741). The study also showed that the average monthly payment for a new electric vehicle was $549, which was $82 more than a new hybrid ($467).
The average length of a lease for an electric vehicle was 29 months, while the average length for a hybrid was 35 months.
In 2013, the average monthly lease payment for an electric was $263, while the average monthly lease payment for a hybrid was $386.
Experian Automotive also looked at the volume of each of these vehicle segments on the road. Findings showed that while hybrids made up nearly 98% of all alternative-powered vehicles in operation at the end of 2013, electric vehicles grew at a much faster rate, increasing by approximately 245% from a year ago. The number of hybrids on the road grew by roughly 19%.
“At first glance, one would imagine that consumers purchasing either a hybrid or electric vehicle would be nearly identical; both are environmentally conscious, are of similar ages and have higher income levels,” said Melinda Zabritski, senior director for Experian Automotive.
She added, “While for the most part those statements ring true, our research shows that there are slight differences between the two. One possible reason for the disparity could be the growing popularity of the higher-end luxury electric models available.”