Plugging Into Hybrids: The Best Deals for Consumers This Summer


While consumers are shying away from electric vehicles – put off by issues like high cost and charging infrastructure – hybrids are experiencing a surge in popularity. For many consumers, they represent an attractive middle ground between the environmental benefits of EVs, and the convenience of gas-powered cars. Because the majority of car trips are six miles or less, consumers can use the electric motor for short trips and the internal combustion engine for longer drives.

Over the past year, according to CoPilot data, new hybrid sales have jumped by 28%. At the same time, dealer inventory of new hybrids is currently about 10% lower than that of gasoline-powered cars (last year, the supply levels for gas and hybrid vehicles were equivalent). 

The average price of a new hybrid is now $45,629 – which is still 28% cheaper than the average new EV. There are incentives available for a number of new hybrids, largely on the leasing side, including:

  • 2024 Honda CR-V - 2.9% financing for 36 months, and up to $750 customer cash
  • 2024 Toyota RAV-4 - $393 per month for 36 months (leasing)
  • 2024 Toyota Sienna - $572 per month for 36 months (leasing)
  • 2024 Honda Accord - $339 per month for 36 months (leasing)

Additionally, consumers who buy new hybrids, like EVs, are also eligible for a federal income tax credit of up to $7,500. The availability of this credit depends on several factors, including the vehicle’s MSRP, its final assembly location, battery component and/or critical minerals sourcing, and the buyer’s adjusted gross income. For used hybrid vehicles, buyers are eligible for a credit of 30% of the sale price, for a maximum credit amount of $4,000. There are a few details in the fine print with this credit: It’s nonrefundable, so the buyer cannot receive more back on it than they owe in taxes, nor can they apply any excess credit to future tax years.

As more consumers are looking to hybrids this summer to power their roadtrips, local travel, and everything in between, CoPilot has compiled data on which brand and makes are in highest demand, and where consumers might be able to find a deal.


Hybrids in Highest Demand





Best Deals on Hybrids




Despite their popularity on the new side, there are also financing and cash-back incentives available for a number of hybrid models, including:

  • 2024 Toyota Highlander – up to $1,000 cash back, financing as low as 5.75%
  • 2024 Toyota RAV4 – up to $1,000 cash back, financing as low as 4.75%
  • 2024 Toyota Corolla – up to $1,000 cash back, financing as low as 4.75%
  • 2024 Kia Sportage – up to $500 cash back, financing as low as 5.25%
  • 2024 Kia Sorento – up to $1,000 cash back, financing as low as 7.5%
  • 2024 Hyundai Elantra – up to $1,500 cash back, financing as low as 3.89%


EV Terminology

Battery Electric Vehicle (BEV)

Also known as “fully electric cars,” Battery Electric Vehicles (BEVs) are powered solely by an electric battery. BEVs are designed to run without gasoline.

Examples include Tesla Model Y, Hyundai IONIQ 6, Chevrolet Equinox EV, Volkswagen ID.4


Hybrid Electric Vehicle (HEV)

Hybrid Electric Vehicles (HEVs) are powered by a combination of electric and gasoline. An HEV’s battery is charged by regenerative braking and through the internal combustion engine (ICE). HEVs are designed to run with gasoline.

Examples include Hyundai Elantra Hybrid, Toyota Prius, Kia Sportage Hybrid, Jeep Grand Cherokee 4xe Hybrid


Plug-In Hybrid Electric Vehicle (PHEV)

Plug-In Hybrid Vehicles (HEVs) are powered by a combination of electric and gasoline. PHEVs have a charging port, which means the battery is primarily charged by plugging into an external power source. PHEVs are designed to run with gasoline.

Examples include Toyota Prius Prime, Hyundai Tucson Plug-in Hybrid, Chrysler Pacifica Plug-In Hybrid, BMW XM


Fuel Cell Electric Vehicle (FCEV)

Fuel Cell Electric Vehicles are powered by converting alternative fuel (hydrogen) to electricity. FCEVs are refueled at hydrogen fueling stations. Given limited availability in the US, hydrogen-powered vehicles and fueling stations are still in the early stages of adoption and implementation.

Examples include: Toyota Mirai, Hyundai Nexo


About CoPilot

CoPilot is a leading, data-driven car buying app that provides consumers with an expert partner for high-consideration purchases, starting with car buying and ownership. The platform combines powerful data backed by human expertise to introduce transparency to the shopping, purchasing and ownership journey. The mobile application takes the time, frustration, and guesswork out of the process, empowering people to easily navigate the risks of shopping for high-value items, and to buy with confidence at the right price and the right time.

CoPilot provides free pricing tools for consumers. Price Pulse makes it easy for car shoppers to check the current market value and Price Premium for any car, track price changes, and compare years and models to choose the right car and know when to buy. For car owners and sellers, Price Pulse calculates the real-time value of their car, using the same data only dealers used to have, allowing consumers to track how much their vehicle has appreciated, so they can decide whether and when to sell, or negotiate the best deal at trade-in or lease-end.

For media publishers, CoPilot offers free, embeddable data tools, including Price Pulse market trends, allowing journalists and bloggers to integrate interactive charts and tables within their web content, apps, or newsletters, powered by CoPilot’s unique data and analytics.

Media Contact:

Kerry Close

kclose@groupgordon.com

732-609-2644