Some Hybrid Vehicles Now Make Financial Sense According to Edmunds.com
SANTA MONICA, Calif. - Car buyers who want to save money at the gas pump are increasingly looking to more fuel-efficient vehicles such as hybrids to meet their needs. But hybrids command a price premium that often outweighs any potential fuel savings. Edmunds.com, the premier online resource for automotive information, has released a new study that highlights which hybrid vehicles will end up saving consumers money in the long run.
"Environmentally conscious consumers have been drawn to hybrid vehicles since day one and were willing to pay a premium for them," said Jesse Toprak, Edmunds.com's Executive Director of Industry Analysis. "But now as a result of lower price premiums, higher gas prices and, in some cases, tax credits, it won't take long for onsumers to offset the price premium and actually save money by buying a hybrid - depending on which one they choose."
Edmunds.com's data indicates that the Toyota Camry Hybrid is the best bet for the financially minded consumer; the difference in price between a Toyota Camry Hybrid and the Toyota Camry can be recovered in less than two years. The owner of a Lexus LS600h, on the other hand, would have to drive over 1,000,000 miles to cover the additional cost of the vehicle over the non-hybrid LS460L.
"When deciding whether to trade in a vehicle to improve fuel efficiency, check the Edmunds.com True Cost to Own figures to understand the big picture," suggested Edmunds.com Consumer Advice Editor Philip Reed. "In the long run, it may save you money, but just how long is that 'long run?'"
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