According to intellichoice hybrid cars, despite their higher initial purchase price, save you money in the long run.
The basis of their argument goes like this:
- Hybrid cars cost significantly more to purchase than their 'non-hybrid' counterparts.
- They have about the same maintenance and repair costs for the first five years or 70,000 miles as compared to gas versions of the same model.
- Hybrids hold their value better over five years compared to gas powered versions of the same model.
- Average insurance costs are somewhat to significantly higher on hybrids.
- As expected, fuel costs are dramatically lower on these models.
- Hybrids are in demand.
According to their study, Prius owners will save $13,408 over a similar-size sedan that is not a hybrid in the first five years. After the Prius, the next biggest savers were the Honda Civic sedan hybrid, the Toyota Highlander sport utility vehicle hybrid and the Ford Escape SUV hybrid.
Even GM's mild hybrid trucks would save their owners money, with five-year savings ranging from $2,940 to $3,463.
The Intellichoice study is to be released today during a media preview of the North American International Auto Show. In 2006, all hybrids were IntelliChoice Excellent Values in their respective classes.
* Insurance rates would be higher because of the higher purchase price. There are some insurance companies overing discounts to hybrid car owners, but that depends on which state you're in.