Gas Price Fallout: People Trading in Hybrids for SUVs

Photo Credit: CNN Money

Photo Credit: CNN Money

With gas prices low, more people are trading in their hybrid and electric cars for purely gasoline-powered vehicles, including SUVs.

So far this year, only 45% of people that traded in an environmentally-friendly hybrid car purchased another, according statisticians at Edmunds.com. In 2012, that figure was over 60% and this is the first time it has ever fallen below 50%.

“For better or worse, it looks like many hybrid and EV owners are driven more by financial motives rather than a responsibility to the environment,” Edmunds.com Director of Industry Analysis Jessica Caldwell said in a statement . . .

Back in 2012, gas prices peaked at $4.67 a gallon. At that price, it would take five years for owners of a hybrid-powered Toyota (TM) Camry to make up for the $3,770 price differential with the brand’s gasoline-powered model. But with today’s gas prices at $2.27 a gallon, it would take about 11 years . . .

Besides the lack of economic incentives, there’s not much social incentive to purchase a hybrid car anymore, Caldwell said. The technology has become more mainstream, and a hybrid badge on the trunklid doesn’t make a statement anymore. (Read more from ” Gas Price Fallout: People Trading in Hybrids for SUVs” HERE)

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