Friday, November 18, 2016

SUV Sales Are Revving Up

Now that gas prices have been low for a long time, and consumers feel confident enough to buy new cars, more are choosing SUVs. In fact, nearly three-quarters of owners who traded in an SUV bought another SUV (compared with the 62% of people who trade in a regular car and buy yet another regular car rather than switching to an SUV or other vehicle type).

Yet a significant number of owners who trade in green vehicles (hybrids and electrics) are switching back to gas-powered SUVs because gas is so affordable these days.

Meanwhile, automakers are continuing to try to entice buyers with green SUVs. Hyundai has an all-electric SUV with a range of about 200 miles per charge, for example.

Luxury automakers are also eyeing the intersection of green and SUV. Mercedes is working on an SUV under the EQ brand, for introduction around 2020.

Jaguar has a new concept SUV that could challenge Tesla as the deluxe crossover vehicle of choice for high-income buyers, with 400 hp and an all-electric range of more than 200 miles per charge. Production is expected in 2018.

And more women are buying SUVs, a recent trend that's fueled [pun intended] by the need for more cargo space and better mileage being offered by newer models.

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