Buyers should analyze individual models and series as well as their own driving patterns to decide whether a hybrid or its gas counterpart is the best choice to save money in the long run.
Bingham Farms, MI (PRWEB) September 27, 2016
Vincentric, LLC announced its most recent Canadian Hybrid Analysis today, with results showing that seven of the 41 hybrids evaluated, or 17%, had lower total cost of ownership compared to their closest all-gasoline-powered counterpart. This represents a decrease in cost-effective hybrids compared to the 2015 study, in which 24% of hybrids were cost-effective.
The seven cost-effective hybrids were the Ford Fusion Hybrid Titanium, Hyundai Sonata Hybrid Limited and Ultimate, Lexus CT 200h, Lincoln MKZ Hybrid, Toyota Prius V and Toyota Rav4 Hybrid Limited. These hybrids were cost-effective due primarily to the declining fuel costs seen across Canada. Results also revealed that nine hybrids depreciated at a lower rate than their all-gasoline equivalents.
When looking at direct hybrid-to-gasoline model comparisons, the Hyundai Sonata Hybrid Limited offered the greatest hybrid-over-gasoline-powered-vehicle total cost of ownership savings, at $3,188. Results also showed that six of the total 41 hybrids had fuel cost savings greater than the price premium paid for the hybrid.
“Buyers should analyze individual models and series as well as their own driving patterns to decide whether a hybrid or its gas counterpart is the best choice to save money in the long run,” said Vincentric President, David Wurster. “There can still be times when a hybrid’s cost of ownership savings justify the hybrid price premium, however, hybrids may be losing their competitive edge due to the decrease in fuel prices and improved fuel economy of all-gasoline-powered vehicles.”
Vincentric conducted this detailed analysis of 2016 hybrid vehicles to provide consumers and the automotive industry with insightful information on the cost of owning and operating a hybrid in Canada. Fuel prices used in the analysis were based on a weighted average over the previous five months. The report also assumes the vehicle is owned for five years and driven 25,000 kilometers annually. Vincentric measured total cost of ownership using eight different cost factors: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost and repairs.
Further information regarding the 2016 Vincentric Canadian Hybrid Analysis and a chart showing results for all vehicles analyzed is available at http://www.vincentric.com.
Vincentric provides data, knowledge, and insight to the automotive industry by identifying and applying the many aspects of automotive value. Vincentric data is used by organizations in Canada such as FCA, Ford, Mercedes-Benz and Mitsubishi, as well as a variety of provincial government administrations and other organizations in a variety of geographic markets 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.