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Costs may be keeping sales of eco-friendly rides downPosted On Mon, November 1, 2010
When it comes to purchasing a motor vehicle, there are a lot of expenses to take into account. There are maintenance costs, which can vary considerably depending on how extensive the are. Then there are fees for auto insurance and gas that are needed more frequently.
Some motorists like the idea of purchasing a hybrid vehicle because they are more environmentally friendly and won't require as much money to be spent on gasoline. However, purchasing such vehicles tend to be more expensive up front.
J.D. Power and Associates senior vice president of automotive operations John Humphrey says costs frequently trump environmental concerns.
"Many consumers say they are concerned about the environment, but when they find out how much a green vehicle is going to cost, their altruistic inclination declines considerably," says Humphrey.
Data from J.D. Power and Associates reveals that only 7.3 percent of the vehicles anticipated to be sold in 2020 are expected to be hybrids, with costs being one of the factors holding sales back from dramatically increasing.
Consumers can frequently save a substantial amount of money by purchasing a used vehicle. However, there are not a large number of used hybrid vehicles available for sale.
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