Electric Car Buyers Younger, More Affluent Than Hybrid Owners

Experian Automotive market analysis fins 55 percent of EV buyers are 36-55 and average $175,000 annually.

Published: 23-Apr-2014

While it might seem logical to expect the demographics for buyers of both electric and hybrid-powered cars to be similar, the former tend to skew considerably younger and more affluent than the latter according to a market analysis conducted by Experian Automotive in Schaumburg. Ill.

Based on calendar-year 2013 sales, the study found that 55 percent of electric vehicle buyers are between 36 and 55 years old and have an average household income of $175,000 or more. By comparison, 45 percent of those driving hybrid-powered models off the lot are 56 years old or older (compared to just 26 percent of new EV owners), with only 12 percent having an annual income of $175,000 or higher.

Among those who lease their cars, the average term length for an electric vehicle sits at 29 months with a $386 monthly payment, while the typical hybrid goes for 35 months with a more-affordable $263 payment. What’s more, nearly 44 percent of EV buyers indicate they have at least one child living at home, while nearly 52 percent of hybrid car purchasers are empty nesters.

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