Electric Vehicle Buyers: Younger, Wealthier Than Hybrid Owners
Richer we knew. Younger we did not.
But that is the conclusion of a study of electric vehicle owners over their hybrid counterparts by Experian Automotive in Schaumburg. Ill. That study found that EV owners where both much wealthier and much younger than hybrid owners.
Some highlights from 2013 sales:
- 55% of EV buyers fall between 36 and 55 years old
- those EV buyers have an average household income of more than $175,000
- 45% of hybrid vehicle owners are older than 55
- just 12% of hybrid buyers have an household income of more than $175,000
- 26% of EV buyers are older than 55
“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. One possible reason for the disparity could be the growing popularity of the higher-end luxury electric models available.” – Melinda Zabritski, senior director for Experian Automotive
In other words, older persons who buy hybrids are more of the ‘bottom line/dollar-wise’ variety, while the more affluent younger clientele is still more about being environmentally sexy.
The study also found that the average lease for an EV is 29 months long with a$386 monthly payment, while the typical hybrid is leased for 35 months with a $263 payment.