Seven of the 29 hybrid vehicles offered in Canada promise lower cost of ownership than their conventionally-powered equivalent.
This info came yesterday when automotive cost-of-ownership data research firm Vincentric released its Canadian Hybrid Analysis. In it, seven of 29 hybrid vehicles analyzed were identified as having a lower total cost-of-ownership than their closest all-gasoline counterparts.
In a similar study released in October 2014, but of the U.S. market, the company stated 10 of 31 hybrid vehicles analyzed were identified as having a lower total cost-of-ownership than their closest all-gasoline counterpart.
Yes, the number of hybrid vehicles available in the U.S. (31) is greater than in Canada (29).
Among the 7 hybrids with lower ownership costs in Canada were the Lexus CT200h and the Lincoln MKZ Hybrid, which when compared to their all-gasoline counterparts had savings of over $11,500 and $4,000 respectively.
Additional hybrids from Ford, Honda, Hyundai, Lexus, and Toyota also showed cost advantages, added Vincentric. The average price premium for a hybrid vehicle was $5,984 with average fuel cost savings of $3,986.
When the costs to own and operate all 29 hybrid vehicles were taken into account, the average five-year cost-of-ownership for hybrids was $2,976 more than their all-gasoline powered counterparts, said Vincentric.
“The higher market prices of hybrids cause several cost factors to increase including finance, opportunity costs, fees and taxes, and depreciation. In some cases fuel cost savings can help offset these costs, but with fuel prices decreasing approximately 33 percent in the past six months, increased fuel efficiency alone is not always enough to keep hybrids competitive with their all-gas counterparts,” said David Wurster, Vincentric President. “However, with nearly a quarter of hybrids still offering cost advantages, it is important that consumers look at individual models to understand the cost implications of hybrid technology for that vehicle.”
To conduct the Canadian Hybrid Analysis, Vincentric said it measured total cost-of-ownership using eight different cost factors: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. Of course, the research firm used the Canadian prices and data for these items.
Vincentric added the analysis assumed vehicle ownership of five years and 25,000 annual kilometers (15,534 miles) of driving.
Information regarding this analysis and a chart showing results for all vehicles analyzed is available on Vincentric’s website.
According to data from the study, for those who are looking to minimize fuel purchases, it is important to know the hybrid vehicles with the lowest overall fuel costs. They are:
- 2014 Toyota Prius c ($6,208)
- 2014 Honda Accord Hybrid ($6,298)
- 2014 Toyota Prius ($6,298)
- 2014 Ford Fusion Hybrid ($7,358)
- 2014 Toyota Prius v ($7,432)