Bolstered by the sales of the Ford Fusion hybrid and recent introduction of the new Prius hybrid, sales of hybrid models as a whole are still on the rise despite dwindling sales in other vehicle segments.
Overall, hybrid sales are up 9 percent this June compared to last year and up an additional 2 percent compared to May. New cars sales as whole are down 28 percent from last June and 7 percent from May of this year. How can hybrid models far so well in this poor car buying market?
The answer really lies in the introduction of several key new models including the Fusion hybrid, the new Prius, and the new Insight. These models have shown strong sales numbers in this weak economy. Partially because they offer great fuel economy, partially because they are offered at comparatively low prices.
Additionally, hybrid sales are sparked by all kinds of government incentives that offer buyers money back for their purchases. Gas prices are down this year compared to the $4 price paid last summer, but despite what many think that hybrid and electric vehicle sales are tied directly to the price of gas, this does not appear to be the case.
With low gas prices, consumers should be switching back to gas guzzling vehicles, but this has certainly not happened. Buyers seem concerned with the uncertainty of gas prices and are not willing to risk buying large, inefficient vehicles because gas prices may once again rise up.
With total hybrid sales exceeding 300,000 units last year, they now have a significant market share which is constantly on the rise. Consumers seem to be accepting of hybrid models and sales numbers support the claim that hybrids are hot.