As gas prices continue to climb, the decision to purchase a hybrid vehicle makes more and more sense. But for some hybrids, the even $4.00 a gallon isn’t close to making that hybrid pay-off at the pump.
In a recent study by CarGurus.com, taking into account the added price of a hybrid model, it was determined that for a Cadillac Escalade Hybrid to make sense economically, gas would have to hit $17 a gallon. That, however, is an extreme example, with the others falling well below that mark. Included in that set are the Toyota Camry Hybrid. On average, it costs $3,300 more than a conventional Camry, meaning that gas would have to hit $4.00 a gallon – which it did yesterday in Hawaii.
The Ford Escape Hybrid makes the most sense, which gas only requiring to hit $2.50 a gallon – we wish!
The study, which looked at 43 hybrid models from 2003 to 2010, showed that on average hybrid models cost 17 percent, or $6,400 more than their gasoline-powered counterparts.
“There are some good reasons to buy a hybrid, but saving money is not one of them,” said Langley Steinert, CEO of CarGurus, referring the the majority of vehicle studied. A sound environmental decision, as gas prices rise, hybrids continue to make more and more sense from an economic standpoint.
[Source: Detroit Free Press]