Zell, Chris wrote:
The Prius needs to be compared with a car of similar size - like a
Corolla. On that basis, savings might be hard to come by.
I don't know much about the Corolla . . . Okay, See:
http://autos.yahoo.com/newcars/toyota_corolla_2005/3949/model_overview.html
The 2005 Corolla is "a 4-door 5-passenger family sedan." Yes, that sounds
comparable. There are four models. Most get 32/41 mpg. Model #3 costs
$14,825 MSRP.
The Prius is 60/51 mpg, and costs $21,275 MSRP
Okay, comparing the two, let's say the combined mpgs are 36.5 and 55.5
respectively, and the Prius costs $6,450 more. Mr. Average driver goes
11,766 miles per year, so the Corolla burns 110 gallons a years more. At
$2.50 per gallon, that's $275 extra, so you are right, it would take 23
years to pay for the difference. Most Toyotas last ~10 years.
However, my point is that a lot of people spend thousands of dollars extra
on cars for things like leather seats and deluxe sound systems. If you are
going to spend extra on a car, why not buy something that pays for itself,
or in the case of the Corolla versus Prius, pays back half.
Actually, the Prius feels like a luxury car to me, with leather seats,
ultra-cool cabin layout, spiffy handling and whatnot, so maybe we should
compare it to Model #4, the Corolla XRS, $17,555 MSRP, 26/34 mpg. Cranking
the number through, the Prius costs $3,720 more, but it burns an 174
gallons less per year, saving $435. So payback takes 8.5 years.
Let the price of gas go up to $4.00/gallon and these numbers would change
considerably, but I'll bet the prices of cars would also change to reflect
the new economics.
- Jed
