Cost analysis 2024 Prius Hybrid vs Prime - 6000 miles yearly

I am looking at getting a Prius Prime but I had to run a check on the numbers. My calculations were quick and dirty and I would welcome if anyone had a worksheet or calculator that would help.

We do an estimated 6000 miles a year. 80% or 5000 miles are short trips that fall within the electric only range. That is what was driving me towards the 2024 prime.

My goal is to evaluate how long the extra $5000 for a prime would take for me to break even and start saving money over just having a Prius Hybrid. I am totally focused on costs savings and saving the environment is nice but it not a factor for me.

Here is the details and costs I used:

• 6000 miles a year, 5000 electric only.
• Gas cost used $5 a gallon (California)
• Charge cost $0.13 per Kwh, calculating $1.43 for a full charge and expect to get 44 miles from that charge.
• PRIME - Electric charge costs per year would be $162.
• PRIME - Gas for year $96 (for 1000 miles)
• Hybrid Yearly gas costs $576.92 (6000 miles at 52 MPG
• Fuel savings per year for the PRIME would be $319.00 over a hybrid only.

That seem to indicate the break even for me to start recouping savings over the hybrid model would be 15.6 years! I got that number by dividing the $319 the cost of the Prime ($5000 over the regular hybrid) by my $319 savings.

Is my logic correct because, I could sure by the hybrid only and get an upfront cost saving, better availability, low or no mark-ups.

Am I missing another benefit to the PRIME vs hybrid or are my calcs wrong.

Thanks

 

Unfortunately, I have not found any Federal or state incentives. I read a reference to a Utility incentive of up to $1000 but the dealers do not seem to know about it. So, yes, $1000 would help. Its a great shame the federal government changed the incentive scheme and not allowing the Toyota's to qualify. The $7500 rebate on Tesla's and no mark up makes it a viable competitor to the Prius plug in.

Mendel - Good point on the battery.

 

Zed - Thanks for the reply. I am with PG&E. I have solar that forced a time of use plan. Day rates are significantly higher, especially in summer. My current off-peak rate is 0.1158 per KWh. That would force me to charge after 9:00pm and be done by I think 4:00pm.

I have started to look at the hybrid 2024 only and only last night started looking at the Camry and Crown. I have rented Camry's previously for 200 mile trips and always through they were floaty and boring but my goals are different now. I also started looking at the Crown hybrid but that starts to creep up in price.
My goals:
1) Replace a Ford Escape Eco boost AWD 2014 with 120K miles. Has been flawless but I only get 22MPG due to short trips and hilly environment. The other is a VW TDI - 2013, 59K, 39-41 MPG. Unfortunately, its now out of the VW Extended diesel warranty and has been unreliable. There are known failure that reoccur every couple of years. So keeping it would cost me about $5k in repairs over 2-3 years.
2) Reliability
3) Great MPG
4) SUV not required but something a little larger that the Prius would be nice. The RAV Prime is way to costly for me as I am not on a fixed income.
5) Reasonable cost to purchase, no mark up or unnecessary extras. I would like to keep the total cost to under $30k but a little more if needed.

Originally, the thought that 80% of my driving would be within the 44 mile range was very attractive. Not free but about $1.43 for a 44 mile drive. but with my low milage usage, the $5k premium for the prime does not benefit me. Also factoring in less wear and tear on the engine but that is difficult to quantify. I still think the Prime would be cool

I have only test driven the 2024 Prius hybrid once on a test drive. Never driven a hybrid previously. My wife was with and we both agreed its noisy compared to our old cards and we think they are noisy. I read the wheels play a factor in that so I'd probably opt for the 17" wheels or whatever is smaller. I have 19" on my Ford Escape and they generate more noise than smaller wheels. Also the engine was loud when reving high.

I will be digging deeper today into the Hybrid Camry, costs, options, reliability, known issues. I'll have to forget my "boring" classification from previous rentals.

Thank you

 

Hycam being a Hybrid Camry?

 

Bisco - Thanks. I am actively looking now. I understand a new Camry is expected for the 2025 model year so, later this year. Who knows what that will bring. Maybe a Prime. Probably more cost but may reduce the 2024's?

I appreciate all the help and guidance. With the compromises I'd be making on the Prius (size, noise, etc), I will look at the Camry.

 

I get the Buy Used statement and have started looking. I am sure there are fair deals to be had but so far and only based on a couple of hours looking at Craigslist and CarMax, the used prices seem very high. In one case, the guy had a 2023, 20K miles, LE, the base edition. Asking $28k and said a dealer was offering him $28 so he's upping the price to $30k. A new 2024 costs less.

I am starting to focus on Camry but know the 2025 is imminent. I do like to interior cabin much better and safety package is updated. Of course, being new, it will probably have no deals. It might reduce the cost of the remaining 2023's.

If I get used, it needs to be significantly less than new.

On the topic of reliability, they has risen to one of my top three requirements. Of course, a new model version will not have any history to measure reliability. Dealer costs are so high. The reliability on the VW TDI my other car is awful.

As for the noise, I was not expecting Range Rover quietness but, I was expecting it to be better that a 2013 VW and a 2014 Ford Escape (not hybrid). We'll see what the 2025 Camry is like when I get to drive one and assuming that are not limited in production.