According to the Kelley Blue Book Brand Watch study for the first quarter of 2023, hybrid vehicles continue to be more popular among vehicle shoppers despite the significant attention paid to EVs and new tax advantages.
The quarterly Brand Watch reports for non-luxury and luxury companies also evaluate the purchase of fully electric, hybrid, and alternative fuel vehicles.
The Kelley Blue Book Brand Watch report compares a brand or model to its competitors in the industry based on a dozen parameters crucial to a consumer’s purchasing decision. It’s a consumer perception survey that also takes into account shopping behavior.
The Inflation Reduction Act, passed by the U.S. Congress last year, allows for a $7,500 tax credit on some EVs and plug-in hybrids, or a fraction of that entire credit depending on the consumer’s income and the cost of the car. Some models are no longer eligible for tax credits because of even stricter regulations regarding the domestic content of battery components that come into effect on April 18.
However, shopping habits remained the same. Since the fourth quarter of 2022, consideration for EVs has stayed the same, and it hasn’t decreased much since the spring of 2022 when gas prices spiked.
On the other hand, since Kelley Blue Book began keeping track of electrified car purchases, the Toyota RAV4 Hybrid has held the top spot for most-shopped electrified vehicles. The Toyota Highlander Hybrid, ranked number three, the updated Prius, ranked number six; and the Camry Hybrid, ranked number seven, were also included.
Ford and Honda each got two listings in the top ten, the CR-V Hybrid and the Honda Accord Hybrid. In addition, the Ford Maverick and the Escape Hybrid.
