Simple Truth – Hybrid Owners Don’t Buy Another
Tim Esterdahl | Apr 17, 2012 | Comments 7
A recent survey by Polk has confirmed what we have known for a while, the jury is still out on whether Hybrid’s make financial sense to buy. The survey stated a simple fact, 65 percent of Hybrid owners won’t buy another one.
While the Toyota Prius Hybrid maybe more earth friendly, the truth is that many owners are one and done.
Polk’s survey found that once you took out large volume buyers, the number increased to 75 percent of Hybrid owners won’t buy another one.
Even with these numbers, Polk asserts that it is a good thing for a brand to have a Hybrid in the lineup.
“Having a hybrid in the product lineup can certainly give a brand a competitive edge when it comes to attracting new customers,” noted Brad Smith, director of Polk’s Loyalty Management Practice. “The repurchase rates of hybrid vehicles are an indication that consumers are continuing to seek alternative solutions to high fuel prices.”
What are the returning owners rebuying you wonder? The Polk survey finds that brand loyalty is maintained when they purchase another Hybrid. It states: “For example, in 2011, 60 percent of Toyota hybrid owners returned to the market to purchase another Toyota, according to Polk, while 41 percent of them purchased another hybrid from any brand. In the case of Honda hybrid owners, more than 52 percent of them stayed with the Honda brand, while just under 20 percent of this same owner group bought another hybrid vehicle from any brand.”
The survey also maintains that consumers are doing lots of research before buying a Hybrid. It points to Edmunds.com who claims that “the Honda Civic is the second most cross-shopped vehicle among both the Toyota Prius and Honda Insight shoppers.” Not too surprising since lots of people are curious about buying a Hybrid and Honda and Toyota literally have the best cars on the market. (Sorry Chevy Volt (fire) Fans).
The fact is that Hybrid vehicle ownership has dropped from a high of 2.9 percent in 2008 to 2.4 percent now. The public is finding out that with the larger purchase price, it just takes so long to recover your investment, Hybrids aren’t all what they are cracked up to be.
Related Posts:
Filed Under: Auto News
Put me in the 25% group. In less than a year the wife will get a new Prius. More than likely either V or the Prius with the solar panel for the A/C. Yes it may take a little longer to reap the benefits but if you keep the vehicle then you win completely. Her 07 Prius has just under 100k miles. The only thing I changed on her Prius was the wiper blades and the HID headlight bulbs. The saving in gas and maintenance is the winner in this 5 year old car. Being the fact she drives 90 miles round trip a day to work makes a great deal. Yes she gave up comfort on the 03 Crown Victoria LX Sport but compared to gas mileage 55mpg to 17mpg you tell me why wouldn’t I buy a Hybrid. With technology advancing why not buy a Hybrid. I would have spent the same amount on a vehicle a little bigger just to get 25-27mpg’s. The main reason for the Hybrid was for mpg’s period. When gas hits $5 a gallon you will see a run on these vehicles because the American people can’t afford the luxury no more.
Dah, you just found this out? (last bold statement)
7 grand more for a prius over a corolla takes well over 5 years to break even and for most, more like 7-8 years. Gas mileage savings isn’t everything. Comfort and power is number one in my book and well back in the list is mpg as it should be.
When you go from $300-400 per month in gas to $60-80 per month it is a savings when you travel 90 miles round trip. That’s $200-300 in savings per month which is close to $3k per year. Yes some ride is gone but as a daily driver it’s worth the savings. Paying the same amount in car note so no difference there other than now you pay for a few years longer. Then again the warranty gives you peace of mind. No mk but Americans haven’t found this out. Her savings over a Corolla is around $1,500+ per year. So 5 years would do it. Again if you keep the car then it will go higher. The resale of a Prius is higher than a Corolla.
Both sides make sense until you take into account the safety and power of these cars. I would much rather spend more money in a crown Vic and “feel” safer and have the power to pass or pull out into traffic than feel like I have a plastic car on the freeway and I can’t pass anyone.
And why would I want to be uncomfortable for an hour and a half each day?
According to Consumer Reports, these are the top 2 vehicles for best combination of performance, utility, and reliability for the money, considering all owner costs over a five-year period:
Honda Fit
Toyota Prius Four
http://www.consumerreports.org.....-costs.htm
I have a Prius. It’s the most reliable car I’ve ever owned. I didn’t have to “recover” the purchase cost of it, but I would have to justify the additional 5 year cost of owning anything else. That’s why I’m going to buy another Prius this week.
I was really hoping for a plug in hybrid RAV 4. I am not buying a car which only has a range of 100 miles. My husband and I owned a Highlander hybrid and a Prius. The Highlander is so much more comfortable to ride in, but the ga mileage isn’t as good. I thought the rumored RAV 4 would be a happy compromise, but it won’t exist. I guess I’ll keeo the Highlander until something better comes out. BTW I need to sit high as I am vertically challenged. This is why I didn’t prefer the Prius.