When it comes time to choose their next new vehicle purchase, recent data suggests that hybrid drivers are the most likely to either choose the same model again or, even more likely, the same brand. Experian Automotive reports that Prius drivers, not surprisingly, were the most likely of all to buy another Prius. We'd imagine that this fact may have something to do with those drivers wanting to continue saving gas and lowering their emissions. Forty-seven percent of hybrid owners, regardless of make, return back to the same brand for their next car.
This data shows how important it is for automakers to get in on hybrids while they are still hot. After all, even if little profit is made on that initial purchase, a loyal customer will continue spending their money with the brand in the future. As fully-electric vehicles begin to hit the market, our bet would be that this trend will only continue.
[Source: Experian Automotive]
Hybrid Car Owners Top List of Loyal Vehicle Buyers
Experian Automotive study finds hybrid car owners are more likely to buy another vehicle of the same make than buyers of any other vehicle class
SCHAUMBURG, Ill., Aug. 11 -- When it comes to the make of a vehicle, hybrid car owners are the most loyal buyers, with 47 percent purchasing another vehicle of the same make, according to recent research from Experian Automotive, a part of global information services company Experian. This loyalty to a vehicle's make among hybrid owners comes in significantly higher than the 35 percent average of consumer loyalty to all vehicle classes combined.
With gas prices remaining high and green buying habits among consumers continuing to rise, hybrid vehicle sales have increased 130 percent in the past three years, according to Experian Automotive. As sales have increased, hybrid vehicle buyers have shown they are not only the most loyal segment of buyers to the make (e.g. Mercury) of a vehicle, but to a specific vehicle model (e.g. Mercury Mariner) as well. Eighteen percent of hybrid car buyers were found to purchase another vehicle of the same model; higher than any other vehicle class and the combined average loyalty of all vehicle classes of 12 percent. Toyota Prius owners were found to be the most loyal to vehicle model among hybrid car buyers, with one in four returning to purchase another Prius. When compared to all Toyota buyers, Toyota hybrid car owners ranked highest when it came to vehicle make, model and class loyalty.
"There is no doubt that economic and environmental factors are significantly changing which vehicles individuals buy and, even more interestingly, the types of vehicles they choose to purchase again," said Scott Waldron, president of Experian Automotive. "Our data has shown that hybrid manufacturers have a clear advantage in reaching and keeping the more loyal vehicle buyers on the road today."
The Experian Automotive study, which examined vehicle sales from January 2007 to March 2008, also found hybrid truck buyers (including SUVs) showed above-average loyalty to vehicle make with 37 percent purchasing another vehicle of the same make when compared to the 35-percent average of all vehicle classes combined.
Experian Automotive provides the information and insight that drives decisions across the entire vehicle sales cycle, ranging from market and vehicle history reporting to credit and marketing services. Experian Automotive assists manufacturers, dealers, lenders, and consumers in making sound decisions in buying and selling vehicles by helping them understand their market, manage lending risks, find new customers and provide the information needed to feel confident about their purchases.
For more information on Experian Automotive's study of hybrid vehicle loyalty, visit www.experian.com/automotive/loyalty/hybrid.html. For more information on Experian Automotive's loyalty and marketing services for the automotive industry, visit www.experian.com/automotive/loyalty.html or call 888-891-1191.
About Experian Automotive
Experian Automotive, a part of Experian, delivers information services to manufacturers, dealers, finance and insurance companies, and consumers. Experian(R) helps automotive clients increase customer loyalty, target and win new business, and make better lending and vehicle purchase decisions. Its National Vehicle Database, housing more than 500 million vehicles, along with Experian's credit, consumer and business information assets, meets the industry's growing demand for an integrated information source. Experian's advanced decision support services help clients turn this information into improved business results. Experian technology supports several top automotive Web sites, including eBay Motors, CarsDirect.com, CarMax.com and NADAguides.com. For more information on Experian Automotive and its suite of services, visit our Web site at www.experianautomotive.com.