Hybrid Sales Down Almost 10% in 2008

January 23, 2009

Hybrid sales dropped 9.9 percent in 2008, which is mainly due to the declining U.S. auto market and the drastic drop in gas prices.

When gas prices reached well over $4 bucks a gallon in the first half of 2008, automakers and consumers cried for more hybrid vehicles. But with gas prices dropping below $2 a gallon by the end of the year many consumers could not justify paying the premium for a hybrid. Couple that with the fact that car sales as a whole were way off last year. For the first time ever Toyota has started to offer rebates on its popular Prius hybrid.

As gas prices remain low, many consumers will continue to flock to less fuel-efficient vehicles and forget about how painful it was last year to spend $100 bucks or more to fill up their gas guzzling SUVs.

Full Story: Motor Authority