Hybrid Vehicles Not Best Value According to Edmunds.com

Pretty fascinating that with an average 15k miles a year at $4.06/gallon, Prius is 33rd on this list.

The tables get a little screwy with copy and pasting, so see the link for the stats.

link

Hybrid Vehicles Not Best Value According to Edmunds.com

Chevrolet Aveo is Cheapest to Own Over Five Years; No Hybrids Rank in Top Ten

SANTA MONICA, Calif.--(BUSINESS WIRE)--High gas prices, the housing crisis and general economic uncertainty are motivating consumers to look for the least expensive cars to own and operate. A new study by Edmunds.com, the premier online resource for automotive information, indicates that many compact and subcompact vehicles are actually better choices than hybrids for consumers looking to save money. The data also suggests that only one hybrid, the Honda Civic Hybrid, would break into the top ten least expensive vehicles if gas prices were to increase to $5 per gallon. The results are based on Edmunds.com’s True Cost to OwnSM data, which accounts for total vehicle costs over a five-year period.

Unlike some other analyses that look only at fuel economy and sticker price, including one released by Consumer Reports last week, the True Cost to OwnSM study incorporates projected model-specific average vehicle ownership costs, consisting of depreciation, financing, taxes, fees, insurance premiums, fuel costs, maintenance and repairs. When all of the factors are considered, some popular vehicles look considerably less appealing on a cost-per-mile basis than their fuel economy would suggest.

“When consumers think about cars that will save them money, hybrids are typically top of mind because of their fuel efficiency,” said Jesse Toprak, Edmunds.com Executive Director of Industry Analysis. “But when you take a look at the real-world costs of car ownership, you realize that many subcompact and compact cars are actually a much better value proposition.”

The study evaluated the True Cost to OwnSM of vehicles assuming gas prices of $4.06 (the national average on June 23), $5 and $6. With gas prices at $4.06 per gallon, the standard model Toyota Prius costs owners $0.50 per mile -- ranking 33rd among all vehicles. The top-seeded Chevrolet Aveo, on the other hand, costs $0.42 per mile, resulting in annual savings of $1,200 to consumers who choose the Aveo over a Prius. In the event gas prices rise to $5 or $6 per gallon, the Aveo remains in the top spot and the Prius moves to positions 25 and 17 respectively.

The following are the 10 least expensive vehicles to own (all 2008 models):
Cost-Per-Mile: Least Expensive Vehicles to Own
Make Model Style Cost-Per-Mile at $4.06 Per Gallon Rank Cost-Per-Mile at $5 Per Gallon Rank Cost-Per-Mile at $6 Per Gallon Rank
Chevrolet Aveo 5 Special Value 4dr Hatchback (1.6L 4cyl 5M) $0.427 1 $0.461 1 $0.496 1

Hyundai Accent GS 2dr Hatchback (1.6L 4cyl 5M) $0.430 2 $0.463 2 $0.498 2

Honda Fit 4dr Hatchback (1.5L 4cyl 5M) $0.442 3 $0.474 3 $0.507 4

Toyota Yaris 2dr Hatchback (1.5L 4cyl 5M) $0.445 4 $0.475 4 $0.507 3

Honda Civic DX 4dr Sedan (1.8L 4cyl 5M) $0.455 5 $0.488 5 $0.522 5

Nissan Versa 1.8 S 4dr Hatchback (1.8L 4cyl 6M) $0.458 6 $0.492 6 $0.529 7

Mazda MAZDA3 i Sport 4dr Sedan (2.0L 4cyl 5M) $0.463 7 $0.498 8 $0.535 11

Kia Rio 4dr Sedan (1.6L 4cyl 5M) $0.464 8 $0.497 7 $0.533 9

Scion xB 4dr Wagon (2.4L 4cyl 5M) $0.467 9 $0.506 12 $0.548 17

Toyota Corolla CE 4dr Sedan (1.8L 4cyl 5M) $0.468 10 $0.498 9 $0.530 8

The following are the 10 least expensive hybrid vehicles to own (all 2008 models):

Cost-Per-Mile: Hybrids1
Make Model Style Cost-Per-Mile at $4.06 Per Gallon Rank Cost-Per-Mile at $5 Per Gallon Rank Cost-Per-Mile at $6 Per Gallon Rank
Honda Civic Hybrid Hybrid 4dr Sedan (1.3L 4cyl gas/electric hybrid CVT) $0.476 14 $0.499 10 $0.524 6

Toyota Prius Standard 4dr Hatchback (1.5L 4cyl gas/electric hybrid CVT) $0.503 34 $0.525 26 $0.548 18

Nissan Altima Hybrid 4dr Sedan (2.5L 4cyl gas/electric hybrid CVT) $0.540 66 $0.569 59 $0.601 54

Chevrolet Malibu Hybrid 4dr Sedan (2.4L 4cyl gas/electric hybrid 4A) $0.563 81 $0.598 78 $0.635 76

Ford Escape Hybrid 4dr SUV (2.3L 4cyl gas/electric hybrid CVT) $0.583 94 $0.615 86 $0.649 80

Mercury Mariner Hybrid 4dr SUV (2.3L 4cyl gas/electric hybrid CVT) $0.596 102 $0.628 98 $0.662 89

Toyota Camry Hybrid Hybrid 4dr Sedan (2.4L 4cyl gas/electric hybrid CVT) $0.630 134 $0.660 118 $0.691 106

Mercury Mariner Hybrid 4dr SUV AWD (2.3L 4cyl gas/electric hybrid CVT) $0.634 136 $0.670 133 $0.709 122

Toyota Highlander Hybrid 4dr SUV AWD (3.3L 6cyl gas/electric hybrid CVT) $0.725 190 $0.764 190 $0.806 182

Lexus RX 400h 4dr SUV (3.3L 6cyl gas/electric hybrid CVT) $0.897 260 $0.937 260 $0.980 256

1 The Edmunds.com study takes into account the federal tax credits when applicable.

"Many consumers neglect to consider total ownership costs when deciding which vehicle to buy," said Philip Reed, Senior Consumer Advice Editor for Edmunds.com. "Shoppers should look beyond fuel economy and consider the big picture when determining how a vehicle purchase will fit into their household budget.”

Edmunds.com’s True Cost to OwnSM calculations make the following assumptions:

* Ownership expenses are for a five-year time span
* Vehicles are driven 15,000 miles per year
* Vehicles are financed using traditional financing and not leased
* Buyers pay 10 percent down on the vehicle
* Buyers are in the "Gold" credit tier for the purpose of determining the finance rate
* The loan term is 60 months
* Buyers represent the average demographic in their state for insurance rates​

 

Dead on. We have a little in-joke in my office about the Smug Alert when it comes to Hybrids, Apple products, Wine and Sushi.

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Still, I agree, the list is a little off when it comes to being green. If you want to help with the environment, hybrids are, for the most part, the way to go (although there is a Wired article about how the actual manufacturing carbon footprint of a prius is bigger than a Hummer). But most folks, at this point, are looking to save money, so the list is fairly helpful.

I see 2010 as the real year that we will see some awesomely efficient cars hit the market and put this list on it's @ss.