Hybrid Cars – Many Options and Few Takers

October 01 00:00 2011

New York, October 1 (RainbowNewsLine.com) – Every time gasoline price increases, most vehicle owners get a jolt and they vow to replace their car with a hybrid car. However, this resolve is short-lived as they get used to the high gas price. The same enthusiasm returns whenever a new hybrid car is introduced but that too is short-lived. It seems strange but no one is buying the hybrid cars.

According to data from Edmunds.com, in 2009 the market share of hybrid cars was 2.8% of all new cars sold, which slid to 2.4% in 2010 and is likely to be a little less than that this year. Interestingly, the number of hybrid models has increased from 17 in 2009 to 30 this year but there are fewer takers. Moreover, half of the market share is taken by one car, the Toyota Prius. All others account for only 1% of the new car market.

Bill Visnic, an analyst with Edmunds.com said, “Take the Prius out of the equation and hybrids would be a niche market.” Industry analysts put the blame for the low sale of hybrids squarely on their high cost. They say that although gasoline might be relatively expensive, spending thousands of dollars more for a hybrid car is still not worth the investment.

Analysts feel that the only thing that will sell more hybrid cars is a really high jump in gasoline prices.