Hybrid autos save money in long run, study finds

Less hard work from the ICE is part of the reason, but it's also likely that using the dashboard to improve fuel economy is another reason. Driving any car hard shortens it life by accelerating the wear - moderate driving extends it's life.

It's good to see a survey other than CNW Marketing.

 

<div class='quotetop'>QUOTE(jkash @ Jan 8 2007, 09:13 AM) [snapback]372422[/snapback]</div>

As much as I believe the Prius saved me money, I don't think it saved me that much money.

Most of the savings here appear to be due lower depreciation.

For the heck of it, I checked the Kelly Blue Book (www.kbb.com) for the dealer trade-in value of a 2002 Prius and 2002 4-cyl Camry, middle-range equipment, 70,000 miles, my area (Wash DC), good condition (typical used car). The Prius trade-in was $10,750. (Don't shoot the messenger -- that's what Blue Book said). The Camry was $8060. My guess is that the 4-cyl Camry would have cost less originally, by roughly that amount. The gas savings, over the period, under their assumptions, would have amounted to about $3200.

I conclude either that Kelly Blue Book is seriously in error, or that the study exaggerates the savings by understating the current depreciation. I have found Kelly Blue Book to be an excellent source in the past. But I also recall sporadic instances of used Prius prices exceeding new prices, and people who have posted truly eye-popping resale prices on their used Priuses, here on this board.

Does anybody think Kelly Blue Book is substantially wrong about average Prius trade-in value? They listed average Private sale value, same conditions, at about $13K.

EDIT: Well, I just pinged the Washington Post want ads. There are 98 used Prii for sale within 30 miles of my ZIP code. The KBB numbers look about right. Mostly from dealers, I see the following asking prices for cars that are close to a 2002 with 70K miles:
2001 69K miles, $11,900 (private sale)
2001 95K miles, $13,000 (dealer)
2001 63K miles, $13,000 (dealer)
2002 67K miles, $13,500 (dealer)
2002 64K miles, $14,600 (carmax)
2003 63K miles, $15,000 (dealer)
2003 70k miles, $15,000 (dealer)

So, I conclude the story exaggerates savings. If you'd had the choice between a Camry and a Prius, you'd pocket the gas savings, but I don't think you'd pocket another $10K in reduced depreciation costs, at least not for a 5-year-old Prius with 70K.

 

<div class='quotetop'>QUOTE(jkash @ Jan 8 2007, 07:13 AM) [snapback]372422[/snapback]</div>

22 hybrid models? So far I have:

Toyota Prius
Toyota Camry Hybrid
Toyota Highlander Hybrid

Honda Civic Hybrid
Honda Insight (discontinued)
Honda Accord Hybrid (discontinued)

Ford Escape Hybrid

Who am I missing?

 

<div class='quotetop'>QUOTE(Acelin @ Jan 8 2007, 01:43 PM) [snapback]372517[/snapback]</div>

There's a reasonably complete list at http://www.greenhybrid.com/compare/mileage/ although you have to include models no longer in producution (i.e., the insight) to get near 22.

 

I note the faulty first Consumer Reports is still being quoted even now in this new LA Times article.

 

A key to longevity is maintenance and Toyota is making good use of existing technology. The Prius ICE is the same as that of the Echo and Yaris. Changing oil and the oil filter is very easy! Using synthetic oil makes service intervals all the better. The 5000 mile service interval is more enticing as the ICE does not run all the time in the Prius (vehicle needs an hour meter). Doing Prius maintenance is a positive experience, not a chore.

 

the Yaris has a 1.5L engine... an apples-apples comparison for 2010 might be the base Matrix instead?

 

I think any money I may have saved in terms of gas has been completely consumed by the much higher insurance rates my family pays for the Prius (vs our other cars - why is an Evo cheaper to insure?).

 

It's not even an apples to apples comparison. She's comparing base models, and lower, against the hybrids.

 

Ah! So it isn't just me. Why is that?

 

i'm not paying a higher rate and we have highoverall rates here in mass.

 

My insurance rates went down with the Prius.

Tom

 

No idea. It's not just a little higher either, it's like 25% more. (I'm almost expecting to hear from the blame-the-driver crowd telling me my family's rates are somehow my fault).

 

Maybe not your "fault" per se. But insurance rates are also based on some things that are quite surprising, such as your credit score.

 

really?!? interesting.

 

Insurance rates were the first thing we looked at before coming to a decision to buy a Prius. Our rate went up $8 a month versus our 8 year old 2003 Matrix.

You can't justify buying a Prius to save money, but being conservative with my decisions, reducing future risk came in to play. A question I asked myself, If gas went to $8 a gallon, would it bother me? With a car that is achieving 50 mpg, my answer now is that I could handle such a bump in the road.

 

Lexus HS
Ford Fusion Hybrid
Mercury Milan Hybrid

 

I believe that in the long run my Prius will save me money. I don't know when but one day