Plug-In Hybrid Cars and Conversions Gaining Buzz

August 14, 2008 at 5:23 am PT

Even as gas prices hover around $3.80 a gallon, many Americans still drive their gas-hogging SUVs, mini-vans and trucks. Some of these vehicles get as low as 10 to 12 miles per gallon on the highway. The problem is that it is still cheaper to just fill up your tank for $100 than to shell out $25,000 or more to buy a new fuel-efficient car, such as a hybrid Toyota Prius, which uses a combination of gas and electric power.

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Tagged with: frontpage, fuel-efficient, hybrid, Prius, Therese Poletti, Toyota

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Russ Clark

While I don’t think comparing your current vehicle to any new vehicle is fair comparison, the statement that it is cheaper to keep your current vehicle than to purchase a Prius isn’t necessarily true if you look at it from just a monthly cash flow perspective. Assuming your current vehicle cost the same or more than the Prius’ $21,500 price tag, your monthly payment by selling your vehicle and purchasing the Prius would be the same or less. Then the Prius, with an average of 44mpg will save almost $100 a month in gas compared to the average vehicle. So, if you look at it from just a cash flow perspective, the Prius can save you money depending on how much you drive, the cost of gas, and how much you owe on your current vehicle.

A true apples to apples comparison is to look at two identically equipped new vehicles. For example, the added cost of a Camry Hybrid compared to an identically equipped non-hybrid is only $1200. With gas savings of over $1000 a year, this pays for itself in a year, and adds almost $100 a month in your pocket from year two on.

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