A report in Automotive News revealed that falling gas prices are negatively impacting hybrid and plug-in sales.
One Toyota dealership general manager told Automotive News that since the price of fuel fell, customers have been more interested in the trucks and SUVs in the showroom than in the brand’s iconic Prius hybrid.
Gas prices are the lowest they’ve been since February 2011, and analysts are forecasting that the drop is more than just the usual autumn fall, instead indicative of a larger trend of lower prices–and more price stability–thanks to better American oil production, lower global demand for oil and cars and trucks that are more fuel-efficient than ever.
Not long ago, hybrid options stickered for more than comparable traditional gasoline-powered vehicles, but now dealers and manufacturers are using incentives to move the metal. According to Automotive News, Kelley Blue Book data shows that Toyota increased incentives on the Prius by almost $1,000 since last year, and Ford did the same by more than $2,200 on the C-Max hybrid.
