2014

Experian Automotive: Hybrid vehicle market share grew by 41 percent in 2012 Hybrid buyers also have higher credit scores than those purchasing a nonhybrid vehicle

SCHAUMBURG, Ill., April 22, 2013 /PRNewswire/ -- Experian Automotive today released findings from an analysis of the hybrid* vehicle segment in honor of Earth Day. The analysis showed that market share of hybrid vehicles has increased by 40.9 percent since 2011, going from 2.2 percent in 2011 to 3.1 percent in 2012. While hybrid vehicles still only make up slightly more than 1 percent of the total vehicles in operation, the segment has witnessed steady market share growth over the past several quarters.

(Photo: http://photos.prnewswire.com/prnh/20130422/LA98413-INFO)

As part of the analysis, Experian Automotive also reviewed some of the financial attributes of hybrid vehicle loans. The study found that overall, consumers purchasing a hybrid have significantly higher credit scores than those purchasing another type of new vehicle. The average credit score for a loan on a new hybrid was 790 compared with the national average credit score of 755 for a loan on any new vehicle.

"Hybrid vehicle owners have long been perceived as environmentally conscience consumers," said Melinda Zabritski, Experian's director of automotive credit. "While they may have made the vehicle purchase due to caring for the environment, our research shows that hybrid owners are economically minded as well. Hybrid owners tend to have outstanding credit histories, which also has enabled them to obtain financing at lower rates than typical consumers."

INFOGRAPHIC: Snapshot of a typical hybrid owner

The study also showed that the average amount financed on a hybrid vehicle was $25,807 and the average monthly payment was $461. Additionally, the average interest rate for a new hybrid vehicle loan was 3.51 percent.

Average

Hybrid vehicle loan

Average new auto loan

Amount financed

$25,807

$26,691

Monthly payment

$461

$460

Interest rate

3.51%

4.36%

Credit score

790

755

Loan term

61 months

65 months

*For this analysis, hybrid vehicles were defined by the following classifications: Alt Power — Electric Car; Alt Power — Hybrid Car; Alt Power — Hybrid Truck. 

Other findings on hybrid vehicle financing:

  • In 2012, 3.1 percent of all vehicles financed were hybrids, up from 2.3 percent in 2009 and 1.5 percent in 2006
  • The lease/loan ratio in 2012 for hybrid vehicles was 21.4 percent lease and 78.6 percent loan

Top 10 financed new hybrid vehicles

Percentage share of hybrid market

1. Toyota Prius

37.2%

2. Toyota Camry

8.9%

3. Toyota Prius V

8.6%

4. Toyota Prius C

8.1%

5. Chevrolet Volt

6.3%

6. Hyundai Sonata

4.8%

7. Lexus CT 200h

4.2%

8. Kia Optima

2.7%

9. Nissan Leaf

2.7%

10. Lexus RX 450h

2.3%

For more information on this or other Experian Automotive industry analysis, please visit http://www.ExperianAutomotive.com.

About Experian Automotive
Experian Automotive provides information services and market intelligence that enables results-driven professionals to gain the fullest possible understanding of the market, the vehicles and the people who buy them. Its North American Vehicle DatabaseSM houses data on nearly 700 million vehicles and, when combined with Experian's credit, consumer and business information, provides an integrated perspective into the automotive marketplace. Experian Automotive's AutoCheck® vehicle history reports provide dealers and consumers with in-depth information, allowing them to confidently understand, compare and select the right vehicles. For more information on Experian Automotive and its suite of services, visit our Website at http://www.experian.com/Automotive.

About Experian
Experian® is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2012 was US$4.5 billion. Experian employs approximately 17,000 people in 44 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

For more information, visit http://www.experianplc.com.

Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners. 

Contact:
Roslyn Whitehurst
Experian Public Relations
1 714 830 5578
roslyn.whitehurst@experian.com
Twitter: @RozWhitehurst

SOURCE Experian Automotive



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