I’ve been thinking about getting a new car and wondered whether it was worth it to get a hybrid. I used the following numbers in my calculations:
| Car |
Price |
MPG |
| 2008 Toyota Camry LE (4-cyl.) |
$21,080 |
24 |
| 2008 Toyota Camry Hybrid |
$29,720 |
34 |
All numbers from Consumer Reports April 2008 issue. Note that this isn’t a Prius - it is a Camry Hybrid
According to Consumer Reports, the cost difference between the hybrid and the regular 4 cylinder is $8,700. I then used various sets of numbers for both mileage over the life of the car (80K, 100K, 150K) and for the price of gas $3.00 to $5.00 in 25 cent increments. Based on my calculations, you would have to drive 150,000 miles with gas at $4.75 per gallon before you broke even.
I then ran the calculations again using the Toyota Prius:
| Car |
Price |
MPG |
| 2008 Toyota Camry LE (4-cyl.) |
$21,080 |
24 |
| 2008 Toyota Prius |
$23,780 |
44 |
All numbers from Consumer Reports April 2008 issue
In this case, the cost difference for the Prius is only $2780 and the MPG increase is significant. According to my calculations, you would break even with a Prius even if gas got as cheap as $1.50 a gallon for 100,000 miles. In the same driving scenario as above (150,000 miles at $4.75 a gallon), the Prius would save you more than $13,000 in gas.
So, what is the conclusion? If you’re interested in saving gas money and aren’t concerned about such things as fit/finish, steering response, performance, power, handling, breaking, comfort, etc. then the Prius is the way to go. If you’re interested in those other categories but still want to save a little money on gas then just go with the regular Camry because the hybrid isn’t going to save you any money in the long run (assuming gas doesn’t spike up to $6.00 per gallon before you put 150,000 miles on the car).
If I wanted to be cool I would make a web calculator where you plug in numbers for the cost of the cars, gas mileage, total miles driven, and gas price. The calculator could automatically tell you which car saved the most money. Of course, someone’s probably already done it and all I need to do is Google it.
UPDATE: A little Googling did indeed reveal several hybrid car calculators. I liked this one the best. I ran my same set of cars through it and the resulting numbers were almost identical to my own.