Our research shows that consumers are seeing additional vehicles that are financially advantageous when compared to their all-gasoline counterparts.
Bingham Farms, MI (PRWEB) October 22, 2013
Vincentric, the leading compiler of automotive cost-of-ownership data, announced its 2013 Hybrid Analysis today, in which 13 of 33 hybrid vehicles were identified as having a lower total cost-of-ownership than their all-gasoline counterparts. Although this is an increase of 2 vehicles compared to the eleven cost-effective hybrids in the 2012 study, with the increased number of hybrids available, the percentage of financially cost-effective hybrids dropped from 44% to 39%.
The 13 hybrids with lower ownership costs included the Lexus CT200h and the Lincoln MKZ Hybrid, which when compared to their all-gasoline counterparts had savings of over $6,300 and $4,700 respectfully. Additional hybrids from Acura, Audi, Ford, Honda, Hyundai, Lexus, Mercedes-Benz, Toyota and Volkswagen showed cost advantages, with Toyota having 3 hybrids (Avalon, Prius C, Prius V) showing a cost advantage. However, when the costs to own and operate all 33 hybrid vehicles were taken into account, the average five-year cost-of-ownership for hybrids was $1,338 more than their all-gasoline powered counterparts, assuming an annual mileage of 15,000.
"As the prevalence of hybrid technology grows, our research shows that consumers are seeing additional vehicles that are financially advantageous when compared to their all-gasoline counterparts," stated David Wurster, President of Vincentric. "However, because over half of the hybrids we evaluated have higher five-year ownership costs compared to their all-gasoline counterparts, it is important that consumers look at individual models to understand the cost implications of hybrid technology for that vehicle."
Vincentric measures eight cost elements for over 3,000 vehicles configurations per model year, including depreciation, financing, fees and taxes, fuel, insurance, maintenance, opportunity cost and repairs. Each month Vincentric re-compiles 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.
Vincentric provides data, knowledge, and insight to the automotive industry by identifying and applying the many aspects of automotive ownership costs. Vincentric data is used by organizations such as Yahoo! Autos, AOL, Cars.com, Chevrolet, Toyota, BMW, Mercedes-Benz, Kiplinger.com, Business Fleet Magazine, NADA Guides, and Fleet-Central.com as a means of providing automotive insight to their clientele. Vincentric, LLC is a privately held automotive data compilation and analysis firm headquartered in Bingham Farms, Michigan.