Here's another story in today's Globe that will raise the neck hair on Prius drivers. Boston Overdrive - Driving insight and auto news from Boston's road maze
Well at least they chose a vehicle from the same "Family sedan" group. But they made a few common mistakes: $19,642 - is the "manual" transmission Camry, the cheapest automatic starts at $20,195. $21,650 - is the Camry LE model with automatic transmission, remote keyless entry and cruise control. This begins to match the standard features of the Prius. Now the price difference is $2,008. Less than half of what they started with. (Source Toyota Cars, Trucks, SUVs & Accessories) $22,000 - is the least expensive Prius that has all of these features. They selected the "Tourning" model at $24,270. By comparison of like configured, Toyota "Family sedans," the price difference falls to $350. This makes a significant difference in the payoff period. This really needs to be sent directly to the editorial office. I don't mind a copy to the original article authors but here is another example of lazy journalism. Bob Wilson
Even if you took the original comparisons at face value, you get back the "premium" if it is sold or totalled anyway. So all you have left is the time value of money for the original loan difference. (And if there is no loan, then the comparable deposit return rate is near zero thanks to the FED.)
A problem I see with all such stories is that they only take gas usage into account. Repair costs/reliability and resale value factor into the financial equation, too, and the Prius tends to be very reliable and hold its value well.
Do you want to compare to a Hummer, a Prius or a bicycle? I think it changes the "payback period". :madgrin: If you think the Escalade is bad, try calculating the payback for a RV.
Despite what people may say, buying a car is almost always an entirely emotional thing. Back in 2006 when gas was relatively cheap, ($2.50/gal or so) I had no problems fueling up my Nissan Sentra; yet I still wanted to get a Prius simply because, I like cars, and I loved how much technology the Prius had. The fuel efficiency also appealed to me whether gas was high or not; I like the idea of going as far as possible on as little as possible; it was obviously a huge plus when the gas prices shot up. How come no one ever seems to justify their purchase of F-150s? I mean, I know they have got to be indispensable as contractors, but has anyone ever gone "Well, by having my own pickup, I don't have to rent one at $30/day or hire some guys or....etc"
I went out hoping to spend $20,000 on a new car and when I realised I had to spend nearly $25,000 for the Corolla I wanted the $25,000 second hand Prius was too hard to reject. What is the payback on that? Remember I was going to spend $25,000 any way. (all prices in AU dollars)
This FTW. Likewise the other air haulers and land monsters out there. I think many folks are looking at hybrids as a more eco friendly alternative and the savings on gas as a bonus. And anyone that thinks cheap gas is going to last is probably driving an half ton pickup to the mall.
I think you got a better deal with the Prius because a brand new Corolla comes with shorter powertrain warranty than a Prius. Here in US, we have 5 years / 60,000 miles warranty for the Corolla while the Prius comes with 10 years / 150,00 miles warranty (8 years / 100,000 miles in non-CARB emission states). Edit: Hybrid related component warranty is longer but the regular powertrain warranty is the same.
The warranty in Australia is 3 years 100,000km. The warranty on the Prius expired while the car was in the yard. It had a noisy left front strut when I test drove it so that was fixed under Toyota warranty and apart from that there is a statutory warranty on used cars from a dealer of just 3 months. However after having driven Toyotas almost exclusively for the last 25 years you will see my opinion of the requirement for warranty on a Toyota in my signature.
In Massachusetts we get a 10 percent discount on our insurance if we own a hybrid, was this considered in the pay back?
oh another one of these discussions, well, didnt bother to read the article. too busy calculating the "vehicle" return verses my bike... lets see, 15 miles RT daily, lunch $3 (would only be around $2 if driving)...advil, $9 a month (for leg pain right??) umm... DAMN!!! calculator overheated.... ok, lets start over
How, oh how do they come up w the "premium" cost. Apples to apples would be comparing Camary H vs the reg. Camary, Highlander H vs Highlander, etc. Not trying to figure out where a Prius fits between a Camary and a Corolla. It ain't either one. And of course they are only using gasoline savings not emissions and other such stuff. Rubbish.
Not long at all. My gas went up $.17 already from the low not long ago while the spot prices were still falling.
less than we think... always said gas will go up as we start our recovery... so the market hits 9000 and our gas has gone up 12 cents a gallon, now at $1.779...bummer... was hoping for a few more cheapie tanks
