“Consumers must look at individual models to determine whether a hybrid or its gas-powered counterpart has lower ownership costs and will save them money in the long run."
BINGHAM FARMS, MI (PRWEB) October 30, 2014
Vincentric, the automotive industry leader in cost-of-ownership data released its most recent Hybrid Analysis today, in which 10 of 31 hybrid vehicles analyzed were identified as having a lower total cost-of-ownership than their closest all-gasoline counterpart. Over the past three years the percentage of cost-effective hybrids has dropped from 44% in the 2012 analysis, to 39% in 2013, to now just over 32%.
Among the 10 hybrids with lower ownership costs were the Lexus CT200h and the Toyota Avalon Hybrid, which when compared to their all-gasoline counterparts had savings of over $7,600 and $3,200, respectively. Additional hybrids from Acura, Audi, Honda, Hyundai, Lexus, Lincoln, and Toyota also showed cost advantages. However, when the costs to own and operate all 31 hybrid vehicles were taken into account, the average five-year cost-of-ownership for hybrids was $1,339 more than their all-gasoline powered counterparts.
“In some cases, fuel cost savings associated with hybrid vehicles are able to offset their price premium. However, hybrids are losing their competitive edge due to the improved fuel economy of gas-powered combustion engines and falling fuel prices,” stated David Wurster, Vincentric President. “Consumers must look at individual models to determine whether a hybrid or its gas-powered counterpart has lower ownership costs and will save them money in the long run.”
To conduct the Hybrid Analysis, Vincentric measured total cost-of-ownership using eight different cost factors: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. The analysis assumed vehicle ownership of five years and 15,000 annual miles of driving. Further information regarding this analysis and a chart showing results for all vehicles analyzed is available at http://www.vincentric.com/Home/IndustryReports/USIndustryReports.aspx.
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 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.
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