Are car buyers really aware of their new vehicle options when it comes to fuel economy?
CNN recently ran a report about there being a waiting list for the Toyota Prius hybrid, so I wanted to send out this letter to let people know of alternatives. I have also talked to several people who talk about upgrading to a new hybrid vehicle to save money on gas, but from a few hours of my research, I was able to blow away all the smoke and remove the mirrors.
A quick search at FuelEconomy.gov tells me that the average mileage that 2008 Toyota Prius owners are getting is just over 46 miles per gallon.
In November last year, I purchased a 2008 Toyota Yaris sedan. I am very happy with this car, and if I ever go to buy another, it will probably be one of these, at least until my vehicle needs change.
By employing a few "techniques," I have been able to milk just over 40 miles per gallon, mostly highway, out of this car. Those techniques? Avoid quick starts and drive the speed limit. If you don't mind hatchbacks, there is a hatchback version that people have been getting close to 50 miles per gallon with.
The base price of a Toyota Prius is about $21,500. The base price of a Toyota Yaris sedan is about $12,425, and the Yaris hatchback base price is about $11,550. A 60-month loan at 6.4 percent and zero down would leave me with a $433 per month car payment on a Prius.
Under those same terms, by purchasing a Yaris sedan, I would have a payment that is about $123 per month less. The average cost, at the average mileage and $4 per gallon, to drive a Prius is 8.62 cents per mile. My average cost is about 9.86 cents per mile. That's a difference of about 1.24 cents per mile. To make up for that payment cost at the average Prius mileage (compared to my average mileage) and break even, you would have to drive about 10,000 miles every single month.
Now, if you drive 120,000 miles per year, this might be a good investment, but if not, then you may want to rethink before you spend twice as much money on your Prius. Even at the FuelEconomy.gov mileage average for the Yaris (34.4 MPG), you would still have to drive about 4,000 miles every month to justify the extra payment. Yes, the Prius does give you a little more cabin room and luggage space, but to me it wasn't worth almost twice the cost. That choice is up to you.
