Toyota Ireland has commissioned Cartell.ie to undertake a review of used car values of hybrid vehicles compared to electric vehicles in Ireland. The study was undertaken by noted Global Automotive Expert and a Fellow of the Association of Chartered Certified Accountants, Dean Bowkett.
Results show that at 3-5 years old, the resale value on hybrid vehicles is notably higher than electric vehicles. For used hybrid vehicles, the residual value after three years is 65.6 per cent, which is 13.5 per cent greater than an electric vehicle. After 4 years it is 56.9 per cent and after five years is 46.3 per cent. For electric vehicles, the residual value after three years is 52.1 per cent, after 4 years is 42.6 per cent and after 5 years is 32.5 per cent.
The proven hybrid technology that, unlike electric vehicles, you don’t have to plug in, has seen Toyota experience a 100 per cent increase in sales of hybrid vehicles in 2017 compared to last year. These results show that hybrid is now moving towards mainstream popularity.
Globally, Toyota sales of hybrid cars has surpassed 10 million units, further enhancing Toyota’s leadership in hybrid technology. In Ireland, hybrid vehicles now make up a total of 3.4 per cent of the market, up from 1.5 per cent in 2016 and Toyota expect that to double again in 2018.
Commenting on the results, Michael Gaynor, Toyota Ireland Marketing Director said, “ these results further highlight the benefits of Hybrid in comparison to electric vehicles.”
”In addition to not having range anxiety, a hybrid customer also has the comfort in knowing their residual value will not be compromised when making the decision to drive a cleaner more efficient car. Hybrid sales continue to dominate with hybrid expected to surpass 30% of Toyota’s total passenger car sales in 172.”