The Vincentric Canadian Hybrid Analysis provides consumers with information regarding the cost of owning a hybrid vehicle compared to its closest all-gasoline powered counterpart. This year, results demonstrated that seven of the 41 hybrids evaluated, or 17%, offered a lower total cost of ownership than their closest all-gasoline-powered equivalent.
The average price premium for a hybrid was $6,371 with an average fuel cost savings of $1,933. When Vincentric examined all costs to own and operate a hybrid, the average cost of ownership was $5,164 more than the all-gasoline-powered correspondents.
CANADIAN HYBRID ANALYSIS
Vincentric prepares different reports to help users understand the financial dynamics of hybrid vehicles compared to their closest all-gasoline counterparts. We help users better understand the expected costs (or savings) of driving a hybrid to aid in informed decision-making when considering the purchase of a hybrid vehicle.
Fuel prices used in these reports are based on a weighted average over the previous five months, rather than the exact prices you might see at a gas station today. This is done to ensure that the analysis reflects current market trends and not market extremes.
The reports assume the vehicle is owned for five years with 15,000 kilometers driven annually. The numbers shown are Canada averages, however, the same analysis can be done for any province or the Northwest Territories.
Finally, please note the reports below use data from our August 2016 Vincentric database update. We compare hybrid vehicles to their closest all-gasoline powered equivalents based on a similar trim level. Cost differentials may differ if other trims are analyzed. Read below for further analysis details.
Find full results here: Excel Report or PDF Report
COST OF OWNERSHIP AND FUEL COST COMPARISON
There has been much debate over whether the premium price that hybrid vehicles command can be financially justified. In this analysis, seven hybrid vehicles had cost of ownership savings compared to their all-gasoline powered counterparts:
- 2016 Lexus CT 200h 5D Hatchback ($6,379)
- 2016 Hyundai Sonata Hybrid Limited 4D Sedan ($3,188)
- 2016 Hyundai Sonata Hybrid Ultimate 4D Sedan ($2,636)
- 2016 Lincoln MKZ Hybrid 4D Sedan ($1,749)
- 2016 Ford Fusion Hybrid Titanium 4D Sedan ($713)
- 2016 Toyota Prius V Technology 5D Hatchback ($165)
- 2016 Toyota Rav4 Hybrid XLE 4D Utility ($87)
In addition to carbon emission improvements, hybrids are known for their improved fuel economy. The models that provide the greatest benefit and fuel cost savings over their closest gasoline -only counterparts are:
- 2016 Lexus ES 300h 4D Sedan ($4,251)
- 2016 Lexus CT 200h 5D Hatchback ($3,879)
- 2016 Lexus NX 300h 4D Utiity ($3,039)
- 2016 Infiniti Q70 Hybrid Premium 4D Utility AWD ($3,027)
- 2016 Ford Fusion Titanium 4D Sedan ($2,993)
Of course for those who are looking to minimize fuel purchases, it is important to know the hybrid vehicles with the lowest overall fuel costs. They are:
- 2016 Toyota Prius Technology 5D Hatchback ($3,556)
- 2016 Toyota Prius Base 5D Hatchback ($3,556)
- 2016 Toyota Prius Touring 5D Hatchback ($3,556)
- 2016 Chevrolet Malibu Hybrid 4D Sedan ($3,996)
- 2016 Ford Fusion Hybrid Titanium 4D Sedan ($4,385)
Images shown may not reflect the specific trim level of the vehicle analyzed.
Further detail regarding the cost of ownership, fuel consumption and depreciation rates for each hybrid and its closest all-gas counterpart can be found in the full 2016 report.
WHY DO OWNERSHIP COSTS DIFFER BETWEEN HYBRIDS AND THEIR GAS COUNTERPARTS?
In most cases studied, the hybrid vehicle had a higher market price than its closest all-gasoline-powered alternative, which causes several cost factors to increase including depreciation, finance, opportunity costs and fees and taxes. The analysis shows that in nearly 20% of the cases, fuel cost savings associated with hybrid vehicles are able to offset their price premium. However, hybrids are becoming less cost-effective as they lose their competitive edge due to the improved fuel economy of gas-powered combustion engines and falling fuel prices. Ultimately, it’s important for consumers to look at their needs and the specific models available to them because depending on the negotiated price, driving patterns and intended length of ownership, a hybrid can still be a great value.
Click here to view the press release announcing the 2016 Canadian Hybrid Analysis.
*This page was updated and revised at 11:00 a.m. EDT on September 30, 2016. The annual driving distance per year has been updated from 25,000 km to 15,000 km.
See the 2016 Vincentric Best Value in Canada award winning hybrid vehicles.
See the 2016 U.S. Hybrid Analysis here.
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