More vehicle shoppers are gravitating toward hybrid vehicles, according to new data from Experian Automotive. According to Experian’s State of the Automotive Finance Market Report: Q2 2026, hybrids accounted for 16.80% of new vehicle financing during the quarter, an increase from 12.99% in Q2 2025. Meanwhile, electric vehicle (EV) market share declined from 9.21% to 8.15% over the same period.

The report found that hybrids carried the lowest average monthly payment across all fuel types. In Q2 of this year, the average vehicle loan for a new hybrid was $646/month. For EVs, the average was $692/month, and for gasoline-powered vehicles, the monthly payment averaged $721. For new leases, hybrids remained the lowest with a monthly payment of $566. Gasoline-vehicles were next with $602/month, and EVs were the most expensive at $641/month.

For a look at the total market, the report found that the average loan amount for a new vehicle climbed in the second quarter of 2026 to $1,715 year-over-year, reaching $43,610. The average monthly payment increased $16 to $765 compared to the previous year. However, the data also found that the average interest rate for a new vehicle dropped this quarter to 6.35% from 6.79% last year.

The average loan for used vehicles also rose in Q2 to $875 year-over-year. For this quarter, the average monthly payment increased to $542 from $532 last year. The report notes that the average interest rate for a used vehicle fell to 11.19%, from 11.57% in the same time frame.

This report provides insight into how affordability concerns remain a barrier for EV adoption. However, a recent survey from Plug In America found that 91% of EV drivers agreed they save money by driving an EV, and nearly 95% said their EV is cheaper to fuel than a gas car.

For any electrical contractors, it will be worth keeping an eye on consumer vehicles preferences as this will continue to shape the demand for residential and commercial EV charging infrastructure.