According to a recent study conducted by Edmunds.com, owners of hybrids, electric vehicles (EV), as well as other alternative-fuel autos seem to be heading back to gas-powered models. This could be due to the fact that gas prices have dropped in North America and Europe; and it seems that some have been turning to larger automobiles, such as SUVs and an option.
In fact, in 2016, just over 27 percent of all EVs and hybrid trade-ins went towards another EV or hybrid; versus the over 38 percent statistic on this in 2015. The study reveals that an EV or hybrid trade in would most likely go to an SUV, with a result of over 33 percent in 2016.
The study also shows that most car owners are flipping back from alternative-fuel cars to fuel-efficient SUVs, within the compact crossover segment; in fact, over 16 percent are gearing towards such vehicles. Just over one percent of these trade-in reflect a larger or crossover SUV.
MSN reported that in other results of this study, trucks received just over five percent of EV or hybrid trade-ins in 2016; compact/subcompact cars received just over 12 percent; and luxury vehicles remained relatively the same at 11.1% in 2015, and 11.5% in 2016.
Jessica Caldwell, Edmunds.com notes that this is not a reflection of the quality of EVs or hybrids, as they are equipped with high-end technology these days. Moreover, this trend is one of economics, reflecting the current low gas prices and the fact that, as such, customers may view that it is simply not worth purchasing a higher-priced EV or hybrid currently. In addition, with a vast array of fuel-efficient cars out on the market, consumers may feel they are still ‘doing their part’ for the environment.
The Edmunds.com survey has been released, during a time where most hybrid and EV sales seem to be on a downward turn. The alt-fuel sector has seen a decrease of about ten percent from the first quarter in 2016, compared to the first quarter in 2015.Advertisement