One would think that with the gruesome reality of gasoline's excessive prices these days, sales of electric vehicles would be on the rise as well. However, the opposite is the case, as consumers are still deterred by the high cost of purchasing and maintaining EVs and hybrids.
A report by J.D. Power and Associates has shown that these cars are still only a very small portion of the U.S. auto market. According to Bloomberg News, they only represented 2.5 percent of deliveries last year.
"It is the financial issues that most often resonate with consumers," Mike VanNieuwkuyk of Power's global vehicle research team told the news source. "Most consumers want to be green, but not if there is a significant personal cost to them."
While those with a bad credit auto loan will be looking for value with their car purchase, one has to ask whether the price is worth it. An electric or hybrid auto may help save some money at the pump, but buyers have to account for the cost of the car itself, fuel, increased electricity bills and potentially expensive maintenance.