Sunday, April 15, 2012

Only 35% of Hybrid Owners Buy Another Hybrid

A recent survey by Polk shows that only 35% of hybrid owners end up buying another hybrid/electric vehicle when it’s time to shop again. Returning buyers vary when it comes to brand. 41% of former Toyota Hybrid owners purchased a new hybrid from any brand while just under 20% of former Honda Hybrid owners purchased a new hybrid from any brand. Honda’s low hybrid return rate is probably due to its small hybrid offering and the lackluster Honda Insight. Toyota has a higher return due to their many hybrid offerings and reputation. Brand loyalty is also higher, 60% for Toyota and 52% for Honda.
According to the survey, returning hybrid owners buy a new hybrid based on the market conditions and gas prices. In Q2 for 2011, just 26.4% of hybrid owners bought another hybrid while in Q4 of 2011, 40.1% returning hybrid owners bought another hybrid. It is also shown that hybrid owners cross shop non-hybrid gasoline powered vehicles, suggesting that they usually consider traditional cars over hybrids when it’s time to look for a new vehicle.
As surprising as this sounds with skyrocketing fuel prices, it makes some sense. Hybrids cost a good deal more than a conventional model, and owners soon feel the price premium after buying their hybrid. On average, it takes 7-10 years to recover the cost of buying a Hybrid in fuel savings over a conventional model. Since most people trade in their vehicle every 5-6 years, it doesn’t make sense to buy another hybrid when a person can actually save money buying a conventional car.
What do you think? Is a Hybrid worth the extra cost or not?

Best Buy 2012 Store Closure List Finalized

Best Buy has now finalized the list of the 50 stores it plans to close this year to try to right its balance sheet.
On March 29 Best Buy announced it would be closing 50 stores this year.  Up until now the details have not been released, but we now know the full list of the stores that will close and the details of how the process will move forward.
Starting today the stores will reopen with the plan of the majority of them being closed by May 12; three of the stores will remain open through the late summer.  Best Buy says it will assist the employees in finding other positions inside the company, but barring that happening they will be offered transition packages that include a severance.
California appears the hardest hit with seven closings, followed by Minnesota with six.
AZCasa Grande1004 N Promenade Pwy
AZPeoria10134 W Happy Valley Rd
CAEast Palo Alto1751 E Bayshore Rd
CALos Angeles10861 Weyburn Ave
CAManteca934 Perimeter Dr
CAMoreno Valley27220 Eucalyptus
CAOntario4120 E 4th St
CAPittsburg4405 Century Blvd
CATustin2857 Park Ave
COAurora15800 E Briarwood Cir
FLFort Myers9370 Dynasty Dr
FLTampa11655 W Hillsborough Ave
GAFayetteville128 Pavilion Pkwy
GALoganville4014 Atlanta Hwy
ILAddison1038 N Rohlwing Rd
ILChicago8900 S Lafayette Ave
ILDeerfield200 S Waukegan Rd
ILMatteson4707 Lincoln Mall Dr
ILMundelein1100 N Rt 83
ILWest Dundee979 W Main St
KSKansas City10500 Parallel Pkwy
MABoston360 Newbury St
MAWareham2421 Cranberry Hwy
MDBaltimore600 E Pratt St
MDHunt Valley118 Shawan Rd
MEBiddeford405 Mariner Way
MNBrooklyn Center5925 Earle Brown Dr
MNEdina3200 Southdale Cir
MNHutchinson1350 Hwy 15 S
MNLakeville18350 Orchard Trl
MNRochester4540 Maine Ave Se
MNRogers20870 Rogers Dr
MOEllisville15678 Manchester Rd
NCMonroe3151 W Highway 74
NCRocky Mount1100 N Wesleyan Blvd
NEOmaha12210 K Plz
NYNew York517 E 117th St
OHCleveland3506 Steelyard Dr
OHDayton5031 Salem Ave
PRCaguasLas Americas Expry PR52 Zafiro
RIMiddletown890 W Main Rd
TNAntioch5255 Hickory Hollow Pkwy
TXAustin12901 North I-35
TXSan Antonio6218 Woodglen
VAFredericksburg9745 Jefferson Davis Hwy
VARichmond4410 S Laburnum Ave
WAVancouver16611 Se Mill Plain Blvd
Note: Two stores in Kansas City, MO (Metro North) and Scottsdale, AZ (Shea) permanently closed in February 2012.
Check out the press release for more details.