Toyota’s answer to higher gas prices.
Toyota’s answer to higher gas prices.
Hybrid demand primed to skyrocket
Amidst rising gas prices, sales of Toyota hybrid cars jumped 63.5 percent this February compared to this time last year, led by a 70 percent increase in Prius sales. Add in Lexus numbers and total hybrid sales were up 50.2 percent.
And yet significantly higher gas prices seem almost inevitable.
If nothing else happens in the Middle East, the consensus is that the top of the surge in oil prices has been reached. However, these near $100 levels could remain for months, even years. However, with protests brewing throughout the region, many are forecasting new highs in the coming months.
Thus, demand for hybrid cars seems destined to increase, and Toyota appears poised to reap the benefits. As I’ve said a number of times recently, now might be the best time to buy a hybrid as increasing demand will mean less incentives, and – if gas prices rise another $10 – $20 – dealer markups.