Electric Car Buyers Are Younger, More Affluent, Than Hybrid Car Buyers

It’s official: electric car buyers tend to be younger and higher paid than hybrid car buyers.

That’s according to Experian Automotive, which has just published results detailing the demographics of electric car and hybrid electric car buyers during 2013.

Are electric car buyers younger than hybrid car buyers? Yes, says Experian.

Are electric car buyers younger than hybrid car buyers? Yes, says Experian.

Released yesterday to coincide with Earth Day 2014, the data shows quite clearly that while the majority (45 percent) of hybrid car buyers last year were aged 56 or older, the majority of electric car buyers (55 percent) were aged between 35 and 55 years of age.

Interestingly, only 26 percent of electric car buyers were aged over 56 years of age, demonstrating that older buyers tend to stick with older, more established hybrid cars than make the switch to electric, flying in the face of previous studies which have painted hybrid and electric car buyers as the same demographic.

As a consequence, 44 percent of electric car buyers had at least one child between the ages of 0 and 18 years of age in their household. What’s not clear in the data given by Experian in its press release is if this means 56 percent of electric car buyers had no dependents, or if they had older, grown-up children or chose not to answer. Meanwhile, Experian quotes 52 percent of hybrid car buyers listing no children.

Average household income between hybrid and electric car buyers also seems dramatically different, with 21 percent of all new electric car owners having an annual household income of $175,000 or more. Meanwhile, only 12 percent of hybrid car buyers had a similar household income.

As GM's recent Cadillac ELR ad alludes to, EV drivers often have higher incomes than hybrid drivers.

As GM’s recent Cadillac ELR ad alludes to, EV drivers often have higher incomes than hybrid drivers.

At this point however, it’s worth noting that some of the discrepancy between income brackets can be explained by the fact that hybrid cars tend to cost less than electric cars. It follows therefore, that there will be more higher-income electric car buyers than there will be hybrid car buyers.

Or to put it another way, not everyone who buys a hybrid car can afford the extra jump in price to afford an electric car. Without more data however, it really is hard to draw hard and fast conclusions.

What is interesting — and better covered by Experian in its press release — is the financing options chosen by most EV and hybrid car owners.

Interestingly, those who buy an electric car tend to have a better credit score than those who buy a hybrid car, although both have credit ratings in excess of 720.

When it comes to financing, the average new electric car loan totalled $28,835 last year, a whole two thousand dollars more than the average new hybrid car loan.

Will the demographics change as EV sales rise?

Will the demographics change as EV sales rise?

Financing for EVs was more often taken out over a shorter term than hybrid cars too, with most people opting for 58 month repayment plans for electric cars versus 62 months for hybrid cars.

It’s worth noting at this point however, that the data may still be skewed here, since many electric car owners have opted to lease rather than buy their cars. As a consequence, the data sets may not match up.

We also think we should point out that there’s a discrepancy between the two different data sets, namely that many, many more hybrid cars were purchased last year than electric cars, although there’s a clear trend towards that changing.

As anyone who has studied statistics will tell you, that tends to complicate the resulting statistics.

—————————-

Want to keep up with the latest EV news? Don’t forget to follow Transport Evolved  on Twitter, like us on Facebook and G+, and subscribe to our YouTube channel.

______________________________________

Want to keep up with the latest news in evolving transport? Don’t forget to follow Transport Evolved on Twitter, like us on Facebook and G+, and subscribe to our YouTube channel.

You can also support us directly as a monthly supporting member by visiting Patreon.com.

Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInDigg thisShare on RedditEmail this to someonePin on Pinterest

Related News