Owning Hybrid Cars Can Cost Less

November 14, 2014

toyotaHybrid cars, as well as other green cars are often purchased at a higher price compared to conventional non-hybrid cars. This implies that the higher initial ownership cost may offset their improved efficiency. However, this is not the case always. At times, owning a hybrid car may be in fact cheaper in comparison to owning its gasoline counterpart. A research conducted by firm Vincentric showed that the ownership cost relies on choosing the most appropriate type of hybrid car. An analysis of the cost of ownership conducted by the firm led to the finding that about 33% of hybrid cars will save the drivers money.

There is a need to have a long-term view so as to determine cost savings. It was determined by Vincentric that an average of $2,895 can be saved by hybrid car owners in terms of fuel over a time span of five years. This may still not be adequate in a few cases. Although the fuel economy has significantly gotten better, the cost of some hybrid cars is still higher than that of comparable non-hybrid vehicles. This cost is so high that several years of fuel savings would be needed to offset the sticker price.

Vincentric reported that there are still a number of hybrid cars that can save money for their owners. Topping the list are the Toyota Avalon Hybrid and the Lexus Ct 200h, which have savings of $3,200 and $7,600, respectively. Other models that were shown to have a cost advantage in comparison to their gasoline counterparts are Hyundai Sonata, Audi Q5, Lexus ES 300h, Infiniti QX60, Toyota Camry and Lincoln MKZ hybrids. Even the Acura ILX mild hybrid, which has been discontinued, also showed a high cost advantage. It is essential to take note of the fact that some of the mentioned hybrids such as Infinity QX60 and Audi Q5 are rare and almost nonexistent at auto-dealers.

On average, the cost of owning a hybrid car in a time span of five years was found to be $1,445 more compared to non-hybrid car ownership. The gap is not expected to reduce any time soon. The competitive advantage of hybrid vehicles may be eroded by improved efficiency and lower prices of gas. Some of the factors that contribute to the current high competitive advantage for hybrid vehicles include the ability to provide single or double electric motors, assorted power electronics and a battery pack with a high voltage. Generally, it is convenient to own a hybrid car considering the many advantages it offers.

 

 

Filed under: Electric Cars,hybrid cars

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