Comparing Typical Loans: Electric Vehicle Versus Hybrid
Experian Automotive recently reviewed some of the financial attributes of hybrid vehicle loans and electric vehicle loans.
The analysis by Experian concludes:
“..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).”
Additional findings, per Experian, include:
• In 2013, nearly 44 percent of all consumers purchasing an electric vehicle had the presence of a child in the household***; nearly 52 percent of hybrid buyers did not
• The average credit score to lease an electric vehicle was 747 in 2013
• The average credit score to lease a hybrid vehicle was 729 in 2013
• 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
Now for an explanation of those asterisks:
*For this analysis, hybrid vehicles were defined as any vehicle with multiple power alternatives.
***The presence of a child between the ages of 0 and 18 years old living in the household