Photo: Toyota
Since the economy has only recently started a recovery process, paying with cash for a new car seems reserved for those living in society's upper layers.
I mean, millions of people can't even afford a new car, not to mention paying in cash for it, without leasing or making a loan. But those buying electric and hybrid models are not your usual car clientele.
According to Experian Automotive, last year, 18 percent of green-car buyers secured the transaction using cash. If this percentage doesn't say much to you at first, consider the following: 15.2 percent of the whole buyers in the market.
As if this wouldn't be both interesting and bizarre enough, here comes Melissa Zabritski, Experian's senior director of automotive finance with more explanations:
“To put it in context, nationally, consumers purchased new vehicles with cash roughly only 16 percent of the time. A possible reason for this could be that consumers buying ‘Green’ vehicles are in the highest credit tiers, which could indicate they have more disposable income than those buying a gas vehicle.”
What she's saying is that those who decide to buy an eco-friendly car are wealthier than those going for traditional cars. In addition, by being in the highest credit tiers, consumers purchasing electric or hybrid vehicles also tend to be a slightly lower credit risk than those purchasing traditional models.
The same source says nearly 50% of all electric or hybrid vehicles were Toyotas, led by the Prius (24.7 percent). The remaining top 10 included the Toyota Prius C (7.4 percent), Ford Fusion (6.9 percent), Toyota Camry (6.8 percent) and Nissan Leaf (5.8 percent) among others.
According to Experian Automotive, last year, 18 percent of green-car buyers secured the transaction using cash. If this percentage doesn't say much to you at first, consider the following: 15.2 percent of the whole buyers in the market.
As if this wouldn't be both interesting and bizarre enough, here comes Melissa Zabritski, Experian's senior director of automotive finance with more explanations:
“To put it in context, nationally, consumers purchased new vehicles with cash roughly only 16 percent of the time. A possible reason for this could be that consumers buying ‘Green’ vehicles are in the highest credit tiers, which could indicate they have more disposable income than those buying a gas vehicle.”
What she's saying is that those who decide to buy an eco-friendly car are wealthier than those going for traditional cars. In addition, by being in the highest credit tiers, consumers purchasing electric or hybrid vehicles also tend to be a slightly lower credit risk than those purchasing traditional models.
The same source says nearly 50% of all electric or hybrid vehicles were Toyotas, led by the Prius (24.7 percent). The remaining top 10 included the Toyota Prius C (7.4 percent), Ford Fusion (6.9 percent), Toyota Camry (6.8 percent) and Nissan Leaf (5.8 percent) among others.
Google News