This fall looks like a great time to buy a hybrid, especially because your wallet isn’t hurting as much at the fuel pump.
According to NPR, sales hybrids and EVs have fallen 5 percent so far this year when the overall car market is up – and trucks and SUVs in particular are up by double-digits. That’s happened at the same time gas prices in the U.S. have fallen to their lowest point in four years.
The main culprit of this problem is the Toyota Prius. It’s been on sale in its current form since 2009, and despite variants like the Prius v, Prius c and plug-in, U.S. sales of the traditional liftback model have been off almost every month in 2014. While still one of the best-selling Toyotas, it’s clearly reaching the end of its current lifecycle. Trouble is, a new Prius won’t go into production for about another year.
And if Prius sales have take a dive, that’s pretty much a sign of the times for all hybrids. Ford C-Max sales are off 23 percent through September, and Honda moved just 281 of the consistently underperforming CR-Z last month.
Here’s something else to consider: Last time gas prices skyrocketed, hybrids like the Prius were far and away to get considerably better mileage than large, gas-only cars. Today, compact cars can do 40 MPG or better on the highway with relative ease. A Mazda 3, for example, does 40 and has a starting price of more than $5,000 below that of a base Prius liftback. And then there’s the rise in the number of diesel-engined cars in the U.S. that do even better. In short, more car buyers know a hybrid isn’t the only way to get good fuel economy.
Still, slowing hybrid sales now mean there are deals to be had if you want one now to prepare for the next time gas prices creep close to $5 per gallon. Even in hybrid-loving Southern California, Toyota this month has been pushing cash deals and low finance rates on 2015 Prius models.
So if a hybrid works for you, now’s a good time to act.
By Zac Estrada
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