Posts Tagged ‘Hybrid’

We often rationalize large-ticket purchases based on price, and even more so when our pocketbooks are pinched. We see a lot of hybrid affordability comparisons these days. Here’s mine. So, let’s do the comparison.

The manufacturer suggested retail price (MSRP) of $22,000 for the all new third-generation 2010 mid-size Toyota Prius II is $1,806 less than the $23,806 median price of the mid-size sedan segment.

Compared to vehicles in its segment, the compact class Honda Insight LX (base model) is priced $1,400 higher (2009 compact car median price is $18,395) and has only a modest fuel-economy advantage.

Let’s do the math based on a Prius II (base MSRP of $22,000) versus an Insight EX (base MSRP of $21,300). These models are equipped the way most consumers want.

Using industry loan averages (60 month term, 7.45 percent annual percentage rate [APR], $2,400 down, tax, title and registration), the Prius has a monthly payment of $435 while the Insight carries a monthly payment of $420…a difference of $15. That’s just a couple of Starbucks double shot Grande Lattes a month.

Now let’s factor in annual fuel costs based on the EPA-estimated fuel economy rating of 50 mpg (city and highway combined) for Prius and 41 mpg (city and highway combined) for Insight and 15,000 miles at $2.62 a gallon (national average as of 6/8/2009). The Prius will save you about $172 per year or $14 a month over the Insight.

Now the overall difference is just a little over a dollar. So for a buck more each month, you get a roomier vehicle that is a full hybrid with better mileage ratings, enhanced performance, vehicle stability control, driver’s knee airbag, beltless engine, rear disc brakes….well, you get the drift.

If you compare the Prius I (base MSRP of $21,000), due out later this year, to the Insight LX (base MSRP of $19,800), which is still not an apples to apples (size and equipment) comparison, the monthly payment difference including the fuel savings is only about $12.

So, when considering hybrid affordability, look beyond MSRP. When the bigger picture is seen, Prius definitely provides more value for your money.

-MotorTrend-

In one of the closest finishes ever seen in the 30-year history of Japan’s Car of the Year awards, the Toyota Prius narrowly defeated Honda’s Insight to claim the 2009-2010 Japan Car of the Year trophy.

With 61 jurors and over 100 manufacturer representatives glued to a score screen at the press center inside the Tokyo Motor Show site at Makuhari Messe (30 mins east of Tokyo), the Prius’s 433 votes edged out a strong finishing Insight with 391 votes.

At one stage, in the closing minutes of vote counting, with ballots from 54 jurors counted, the difference between the top two contenders was only six votes, as the Insight’s 393 crept within a hair’s breath of the Prius’s 399 votes.

But when votes from the remaining seven jurors were tallied, and the Toyota picked up maximum votes of 10 points from four jurors, the Prius shot ahead to win by a comfortable margin.

The Volkswagen Golf, which came third with 186 votes, was crowned Import Car of the Year. The Mitsubishi i-MiEV came fourth and the Mercedes Benz E-Class fifth.

In addition, the special award for ‘Most Advanced Technology’ was awarded to the Mitsubishi i-MiEV, the first EV to boast Lithium-ion batteries in a real world situation, while the Nissan Fairlady Z (370Z) with its synchro-rev six-speed transmission won the prize for ‘Most Fun.’

The trophy for ‘Best Value’ was awarded to the Subaru Legacy. This year’s award coincides with the 30th year since the JCOTY organization was established, and in a special vote to select the most impressionable “Best 3rd Decade Car” from winners of the 20th to 29th JCOTY, the first-generation Honda Fit (Jazz) has been crowned victor.

–Peter Lyon