Gasoline-electric hybrid technology in automobiles is a very
touchy subject for many people. On one side you have consumers who
champion the increased efficiency and reduced emissions afforded by being able
to shut down the engine when stopped and run on battery power at low speeds.
The other side argues that the mileage gains aren't worth the added upfront
costs associated with purchasing a hybrid.
According to new research released by IntelliChoice,
naysayers may have less to argue about when it comes to the costs of owning a
hybrid vehicle. The research showed that the Total Cost of Ownership (TCO) over
a span of five years or 70,000 miles of hybrid vehicles is actually less than that
of competing gasoline-only vehicles.
IntelliChoice based their results on seven criteria:
depreciation, fuel costs, finance costs, insurance, repairs, maintenance and
applicable state fees. Factors that allowed hybrids to come out on top include
better than expected resale value and depreciation, lower repair/maintenance
costs and lower fuel costs.
Of the 22 hybrid vehicles evaluated by IntelliChoice the
Prius was rated as the top performer. Comparable vehicles in the Prius' class
have a 5-year TCO of $33,305, but the actual costs for the Prius came in at
just under $20,000. “The Prius has been the darling of the hybrid set, and it
remains our highest rated value for hybrid vehicles. But this survey validates
the cost performance of the other many hybrid models that are currently on the
market. All of the hybrids in our study have achieved ‘Excellent’ ratings in
their respective classes from IntelliChoice.com,” said James Bell of IntelliChoice.
Such findings are sure to delight manufacturers like Toyota and
General Motors. Toyota is gearing up to sell as many as one
million hybrid vehicles globally per year by the beginning of the next
decade and GM is betting on highly efficient plug-in gasoline-electric
hybrid technology.