Some Hybrids Reduce Overall Costs – Most Do Not.
BINGHAM FARMS, MI, USA, October 17, 2018 /EINPresswire.com/ — Vincentric, LLC announced the 2018 Canadian Hybrid Analysis results today with 16 of the 47 hybrid vehicles evaluated (34%) having a lower total cost of ownership compared to their closest all-gasoline powered counterpart.
The average price premium for a hybrid vehicle was $7,121 more than its all-gasoline powered counterpart. The study showed that although hybrids had an average fuel savings of $3,051 and average maintenance cost savings of $576, the average total cost of ownership for hybrids was still almost $3500 more than the all-gasoline powered equivalents over five years.
Although, on average, hybrids don’t save money, the in-depth analysis did find that 16 of the hybrids are expected to save buyers money, with all 16 hybrids coming from the 37 passenger cars analyzed. The hybrid identified with the most savings was the Ford Fusion Hybrid Platinum, which is forecasted to save buyers $6,640 over five years. The next two models with cost-effective hybrids were the Lincoln MKZ Hybrid Select and the Lexus ES 300h, with the five-year savings for these two vehicles expected to be $3,049 and $2,241 respectively. The results also showed that none of the ten SUV/Crossovers analyzed are expected to save buyers money when total cost of ownership is analyzed.
“The Vincentric study shows that although hybrids have lower fuel and maintenance costs, they aren’t always cost effective in the long run,” said Vincentric President, David Wurster. “However, Canadian buyers who want to own a cost-effective hybrid car can definitely find them, especially if they identify one in which the hybrid price premium is low.”
To determine the 2018 Canadian Hybrid Analysis, Vincentric conducted a statistical analysis of hybrid vehicles to provide consumers and the automotive industry with insightful information on the cost of owning and operating a hybrid. Fuel prices used in the analysis were based on a weighted average over the previous five months. The report also assumes the vehicle is owned for five years and 15,000 kilometers are driven annually. Vincentric measured total cost of ownership using eight different cost factors: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs.
Further information regarding the 2018 Vincentric Canadian Hybrid Analysis results for all vehicles analyzed can be requested from firstname.lastname@example.org or visit the Vincentric.com Hybrid Analysis Page to view the 16 cost-effective passenger cars.
Vincentric provides data, knowledge, and insight to the automotive industry by identifying and applying the many aspects of automotive value. Vincentric data is used by organizations such as the Canadian Automobile Association, Business Fleet Magazine, Cars.com, Chevrolet, Mercedes-Benz, and Toyota as a means of providing automotive insight to their clientele. Vincentric, LLC is a privately held automotive data compilation and analysis firm headquartered in Bingham Farms, Michigan USA.
Source: EIN Presswire