Considering Hybrid Technology Training? How Rising Gas Prices May Lead to an Increase in Hybrid and EV Sales
If drivers weren’t already thinking about purchasing a hybrid or electric vehicle, they likely are now. While gas prices have been rising steadily in Canada since 2020 due to COVID-19 related market factors, they’ve reached an all-time high in recent months. When Russia invaded Ukraine this past February, global energy markets experienced turmoil, with many countries dependent on oil imports from Russia.
While rising gas prices have caused frustration and stress for plenty of drivers, the situation has also forced them to rethink their gasoline-powered vehicles. In fact, more and more Canadians are considering buying electric or hybrid vehicles, according to recent polls. If you’re pursuing a career as a hybrid and electric vehicle mechanic, read on to discover more about the increasing demand for hybrids and EVs and its impact on the market.
Why Now May Be a Good Time to Purchase a Hybrid or EV
If you’ve completed hybrid technology training, you likely know that it’s not just Tesla dominating the EV market anymore. More manufacturers have been releasing hybrid iterations of popular models, or even creating their own electric vehicles. As of 2022, Cadillac, Mercedes, BMW, Subaru and other companies have all announced the production of their own EV models. However, the catalyst behind the increase in hybrid and EV options came long before gas prices began to rise. The growing acceptance of hybrid and electric vehicles began due to environmental concerns and climate activism, leading drivers to make the switch from gasoline-powered vehicles. Unsurprisingly, higher gas prices have given many potential buyers a greater sense of urgency, creating a renewed demand for hybrid and electric vehicles. For buyers today, the price of gas, the variety of hybrid and electric vehicles on the market, and the introduction of more financial incentives from the Canadian government all make it a great time to move away from gasoline-powered vehicles.
Hybrids vs. EVs: A Look at What’s Likely to Sell for Pros with Hybrid Technology Training
There are many different types of hybrid and electric vehicles to choose from today, and as demand rises, it’s important to understand the choices buyers are facing. If you’re becoming a hybrid and electric vehicle mechanic, it’s likely that you’ll see more drivers debating between purchasing a fully electric vehicle, a hybrid vehicle, or a plug-in hybrid vehicle. While fully electric vehicles require no gasoline, their expensive (and often environmentally-costly) battery packs detract some buyers. What’s more, concerns about range and charging times are still significant concerns for drivers. Thus, gas-electric hybrids are the most popular option, as owners are still paying less for gas, but don’t need to develop new habits around fueling their vehicles.
With Higher Demand, Price Markups Can Sometimes Become More Common
As electric and hybrid vehicles continue to become more popular with the rise of gas prices, one thing that can happen are price markups. Some dealerships are already increasing the sales prices of their electric and hybrid models, exceeding the Manufacturer’s Suggested Retail Price. This price inflation, while expected, may have an impact on the decision of consumers to make the switch to hybrid or electric vehicles. As new hybrid and EV models continue to be introduced, time will tell whether the gas crisis will lead drivers to finally opt for these new models, or stick it out in favour of their gasoline-powered vehicles.
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