Experian Compares The Average Electric Loan Against Its Hybrid Vehicle Counterpart

Experian Compares The Average Electric Loan Against Its Hybrid Vehicle Counterpart

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.

**VantageScore® 3.0

***The presence of a child between the ages of 0 and 18 years old living in the household

Source: Experian