New data was released in the quest to provide an answer to the new-old question: are hybrids the wiser option money-wise.
Vincentric announced its 2013 Hybrid Analysis on October 22, 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 percent to 39 percent.
Vincentric said 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 revealed the following hybrid vehicles had cost of ownership numbers that were less than the all-gasoline powered counterparts:
- 2013 Acura ILX Hybrid (-$471)
- 2013 Audi Q5 Hybrid (-$3,805)
- 2013 Ford Fusion Hybrid (-$803)
- 2013 Honda Insight (-$1,079)
- 2013 Hyundai Sonata Hybrid (-$1,674)
- 2013 Lexus CT 200h (-$6,379)
- 2013 Lexus ES 300h (-$195)
- 2013 Lincoln MKZ Hybrid (-$4,778)
- 2013 Mercedes-Benz S Class Hybrid (-$3,283)
- 2013 Toyota Avalon Hybrid (-$2,222)
- 2013 Toyota Prius C (-$474)
- 2013 Toyota Prius V (-$1,528)
- 2013 Volkswagen Jetta Hybrid (-1,487)
Meanwhile, for those whose purchase of a hybrid is based upon minimizing the environmental impact and not strictly financially driven, the report identifies additional viable vehicles. The following hybrid vehicles were shown to have additional costs of less than $2,000 over 5 years, or less than $34 per month more than the gas-powered counterpart:
- 2013 Ford C-Max Hybrid ($956)
- 2013 Honda Civic Hybrid ($1320)
- 2013 Porsche Cayenne Hybrid ($545)
- 2013 Porsche Panamera Hybrid ($313)
- 2013 Toyota Camry Hybrid ($542)
- 2013 Toyota Highlander Hybrid ($253)
Data on every hybrid vehicle studied can be found on Vincentric’s hybrid report page.
Vincentric said it 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.