Twelve years after Honda introduced the first gas-electric hybrid vehicle into the North American mass market, consumers continue to pay a premium to purchase a hybrid, even with technological advancements.
The British Columbia Automobile Association (BCAA) placed 16 hybrid models available in B.C. and their conventional equivalents side-by-side and compared the purchase, financing and fuel costs over a five year period. The analysis assumes a constant gas price of $1.17 per litre and a driving distance of 20,000 kms a year. This annual Hybrid Cost and Savings analysis conducted in July, reveals that several models come close to their conventional cousins when costs are compared over five years.
Trace Acres, BCAA's Director of corporate communications and government relations, explains: "With the elimination first of the federal tax incentive and now the provincial tax rebate, it appears it's still going to be a while before hybrids offer a cost advantage over standard vehicles. What we are seeing however, is manufacturers starting to offer price breaks for things like cash sales, so an environmentally conscious consumer may still be able to make a hybrid purchase work financially by shopping around."
Over a five year period, the hybrids that are the least costly to own and operate are the Honda Insight ($38,326), Toyota Prius ($40,324) and Honda Civic Hybrid ($42,664). The only model which is less expensive to own and operate compared to the conventional model is the Mercedes S400 Hybrid sedan ($105,000), with approximately $5,000 less.
When considering a switch to a more environmentally-friendly vehicle, Trace Acres encourages drivers to examine emission ratings as well as sticker prices to ensure the hybrid they choose will provide them with the environment savings they expect: "BCAA's research shows that cost is not typically the main motivator for someone looking to purchase a hybrid. We believe that many consumers are willing to pay a bit more to go 'hybrid' if it will reduce their carbon footprint."
BCAA is the largest organization of its kind in B.C., with over 100 years experience and gross annual sales of nearly $400 million from its membership, insurance and travel businesses.
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| Photo: Honda |
The British Columbia Automobile Association (BCAA) placed 16 hybrid models available in B.C. and their conventional equivalents side-by-side and compared the purchase, financing and fuel costs over a five year period. The analysis assumes a constant gas price of $1.17 per litre and a driving distance of 20,000 kms a year. This annual Hybrid Cost and Savings analysis conducted in July, reveals that several models come close to their conventional cousins when costs are compared over five years.
Trace Acres, BCAA's Director of corporate communications and government relations, explains: "With the elimination first of the federal tax incentive and now the provincial tax rebate, it appears it's still going to be a while before hybrids offer a cost advantage over standard vehicles. What we are seeing however, is manufacturers starting to offer price breaks for things like cash sales, so an environmentally conscious consumer may still be able to make a hybrid purchase work financially by shopping around."
Over a five year period, the hybrids that are the least costly to own and operate are the Honda Insight ($38,326), Toyota Prius ($40,324) and Honda Civic Hybrid ($42,664). The only model which is less expensive to own and operate compared to the conventional model is the Mercedes S400 Hybrid sedan ($105,000), with approximately $5,000 less.
When considering a switch to a more environmentally-friendly vehicle, Trace Acres encourages drivers to examine emission ratings as well as sticker prices to ensure the hybrid they choose will provide them with the environment savings they expect: "BCAA's research shows that cost is not typically the main motivator for someone looking to purchase a hybrid. We believe that many consumers are willing to pay a bit more to go 'hybrid' if it will reduce their carbon footprint."
BCAA is the largest organization of its kind in B.C., with over 100 years experience and gross annual sales of nearly $400 million from its membership, insurance and travel businesses.
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| Photo: Toyota |