BINGHAM FARMS, MI – According to Vincentric’s 2012 Hybrid Analysis, 11 out of 25 hybrid vehicles were identified as having a lower total cost-of-ownership than their all-gasoline counterparts.
The 11 hybrids with lower ownership costs included the Lincoln MKZ Hybrid, which had the largest (over $7,000) advantage in comparison to its gasoline alternative, with additional hybrids from Mercedes-Benz, Lexus, Toyota, Ford, Kia, Porsche, Honda, and Hyundai also showing cost advantages. However, when the costs to own and operate all 25 hybrid vehicles were taken into account, the average five-year cost-of-ownership for hybrids was $1,223 more than their all-gasoline powered counterparts, assuming an annual mileage of 15,000.
“With a large number of hybrid vehicles now on the market from numerous manufacturers, consumers have many options to reduce fuel consumption using hybrid technology,” stated David Wurster, president of Vincentric. "Our research shows that certain hybrids provide the benefits of hybrid technology, while also providing overall cost savings. However, it is important to remember that this isn’t the case for all hybrids, with low ownership costs and associated cost savings being specific to certain vehicles."
Vincentric measures eight cost elements for more than 2,000 vehicle configurations per model year, including depreciation, financing, fees and taxes, fuel, insurance, maintenance, opportunity cost, and repairs. Each month, Vincentric recompiles its database to take into account current vehicle prices, resale values, fuel costs, finance rates, and other economic and market factors to ensure that users have access to up-to-date and accurate ownership costs.
More details about the study are available at www.vincentric.com.
Toyota has significantly updated its 2020 Prius Prime plug-in hybrid, which now claims a total range of 640 miles.