Hybrids are at it again.
It is currently the best-selling car segment, despite generous price cuts from EV manufacturers combined with federal government tax breaks.
A new survey from McKinsey & Company revealed that 46% of EV owners say their next purchased vehicle will be a traditional gasoline-powered car. That survey coincides with J.D. Power’s survey which said 39% of EV owners would at least consider buying an ICE-powered car, or a hybrid, for their next car.
The vital news, however, is that lately dealers have a 58-day market supply for new hybrid vehicles, compared to 104 days for new electric cars and 69 days for new gasoline cars. (This data was received through the CoPilot Car-buying app and provided to MarketWatch. )
*Up to $3,070 off the 2023 Kia Sorrento hybrid (MSRP $36,690)
*Up to $2,500 off the 2024 Audi SQ7 ($90,400)
*Up to $2,150 off the 2024 Kia Niro ($26,940).
*Up to $2,000 off the 2024 Toyota Tundra ($57,625)
Additionally, buyers can get up to $1,000 off Toyota Prius, Corolla and Camry hybrids.
These offers are valid from the date of publication of this article. They may not be available in the country; Naturally, other people living in denser parts of the country would probably have an advantage. But knowing this information can only help you. Go ahead if you are thinking of buying a new car.
The problem isn’t necessarily with the electrics. It’s the charging infrastructure in America, according to a 2023 survey by J.D. Power. The infrastruscture has expanded by 55% in the year 2021, yet the survey reveals EV owners’ satisfaction with public charger availability is 32 points lower than it was in 2022. Brent Gruber, executive director of the EV practice at J.D. Power, even called it “a critical issue that requires decisive action” in a statement.
In 2022, hybrids and electrics were neck and neck in terms of market share, at 5. 8% and 5. 2% respectively, Edmunds explains. In May this year, the market share of hybrid vehicles accelerated to 9. 1%, a year-on-year increase of 16. 9%, while that of electric vehicles grew by 6. 8%.
Dealers like hybrids because it takes them an average of just 29 days to get them off the lot, compared to the 74 days it would take to sell an electric vehicle or the 53 days it takes to sell a gasoline vehicle.
Finally, the possibility of having to modify your home to accommodate or not accommodate your electric car poses a challenge for some buyers. Shippers can charge between $300 and $800. Professionally installing them can cost between $550 and $1,380, and can cost thousands of dollars if a home requires upgraded wiring or if you want to install a charger away from the main electrical panel.
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