Hybrids Hot In 2008
Yesterday, Yahoo posted a Hottest hybrids of 2008 list. The drive of the article is that hybrids continue to be a popular choice for new car and truck buyers, more models are being offered in 2008 and even more will be available in 2009 and beyond.
First the facts:
1. U.S. hybrid sales jumped more than 34 percent to a total of 338,851 in 2007 (according to CNW Marketing Research in Bandon, Ore.)
2. The only other vehicle segment that grew faster than hybrids in 2007 was what CNW calls “budget cars.” Sales of these small, inexpensive models, which include the Chevrolet Aveo, Honda Fit, and Toyota Yaris, grew at an astonishing rate of nearly 48 percent.
3. With rising gas prices and higher fuel economy standards mandated by the federal government, analysts expect hybrid technology to proliferate in the coming years.
Other incentives to buy a hybrid? Tax incentive!
To help soften the financial blow and spur sales, the federal government provides an income tax credit for buyers of hybrid vehicles. This credit can be as much as $3,000 on a vehicle like the Ford Escape Hybrid or Mercury Mariner Hybrid. However, these credits are phased out once an automaker sells 60,000 hybrid vehicles.
We received a credit when we bought our Toyota Prius, and it felt like a victory. Paying us to buy a car we want? Exactly! Unfortunately, this was 3 years ago and no longer applies:
The tax credits have already expired for Toyota and Lexus models and are in the process of being phased out for the Honda Civic Hybrid. The Civic Hybrid’s credit was cut in half to $1,050 on January 1, and will be reduced to $525 after July 1. Hybrid vehicles from automakers that haven’t met the sales quota will continue to qualify for a full tax credit through 2008. Currently, this includes the Ford Escape Hybrid and Mercury Mariner Hybrid.
What new models will be offered in 2008 and 2009?
* The Chevrolet Tahoe Hybrid and GMC Yukon Hybrid are now available.
* Hybrid versions of the Cadillac Escalade, Chrysler Aspen, and Dodge Durango go on sale late in 2008 as 2009 models.
* General Motors will be introducing hybrid versions of the Chevrolet Silverado and GMC Sierra.
* Other new hybrids on the horizon include versions of the midsize Ford Fusion and Mercury Milan sedans, the compact Hyundai Accent and Kia Rio, and even two new Honda hybrids.
* Look for the flagship Mercedes- Benz S-Class sedan, the diminutive Smart, and the Audi Q7, Porsche Cayenne, and Volkswagen Touareg SUVs to get the hybrid treatment by the end of the decade.
* Porsche also has announced a hybrid version of its new high-performance sedan, slated to go on sale in a few years.
And check out this interesting news from General Motors:
GM hopes to start selling the first mass-produced plug-in hybrid by 2010, as either the Saturn Vue Green Line with plug-in capability, or the futuristically styled Chevrolet Volt.
Awesome news! We’re going to be in the market for another hybrid within the next 2 years. The increase in choices - provided they suit our needs - makes it all the more exciting.
Keep an eye on this space for more updates on new hybrids, EVs and more.