I have owned a Prius Two for about two months now. I am getting a little less than 40 mpg. (Trip Computer) confirmed with around 400 per tank full. Florida (so its hot) running AC at 73 on (auto). Regular unleaded gas, tires are inflated to spec. combined driving. On the highway around 70 using the cruise control/stop and go in the city. Set to ECO mode. No hard acceleration. I am always mindful and attempting optimum driving habits.
How hot? When it is 100+ out here, I have the AC set to 78, and can pull about 50MPG combined. I do have the handicap of 17" tires, but I run them at 38 FR 36 RR. Maybe yours ain't done breaking in just yet.
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I do think 40 MPG is rather low. The real question is what MPG did you get in your prior car. It may be more a problem with how you drive that what you drive.
First pump your tires to 40 front and 38 rear. My MPG dropped to 44 for 2 fillups. My tires had gone done to 30 & 29. Now I am back up to 50MPG. Lets us know what you find out.
I only have about 325 miles on my Prius 3 and I am in the mojave desert with temps well above 100 degrees, AC set at 70, tire pressure at factory setting, and I avg. anywhere from 47 to 50 mpg. IMHO your not getting the mileage you should be. My guess would be that it is either the way you drive it (although your description of driving sounds good) or something is wrong with the car or the reading on the Display/computer isn't correct.