Tilted Forum Project Discussion Community - View Single Post - Does buying a new hybrid vehicle actually save you money?

Painted · 03-25-2007, 08:43 PM

...as opposed to buying a used vehicle?

Let's say you can buy a nice 2001 Honda Accord for $5000. Not everyone has $5 grand laying around, so probably going to need a relatively minor loan. No problem. It'll just increase your credit score. Major repairs at 70,000 miles? Maybe some, but not many, especially for a Honda. I would give it 50,000 miles, at which point something engine related may be needed. $2000, then it's set for at least another 50,000 miles. Don't worry, it'll all tie together later.

Or, you can buy a new Toyota Prius. $22,000, but gets 55-60 MPG, compared to the Accord's ~30 MPG. Definately going to need financing. Again with the credit scores, but this time the payments are likely to be substatially larger and over a longer period of time. Yet, it's almost improbable that you would need any major servicing in the next 100,000 miles.

Now the part where the calculator comes in. 100,000 miles divided by 30 (MPG) equals 3333 gallons of fuel. 3333 gallons of fuel times the average of $2.85 for gas (around here anyways) equals $9,500. So, total cost of buying a Honda Accord and running it for 100,000 miles is roughly $16,500.

The Prius. I feel that I was generous with the MPG of the Accord, so I will be with the Prius. 100,000 miles divided by 60 MPG is 1666 gallons of fuel. So, to make this quick, that's half the amount of the Accord, which would make $4,750. Total cost would be $26,750 for buying a Toyota Prius and running it for 100,000 miles.

Although I have made many errors and left out many factors, I believe my basic findings will get through unharmed. I concur that you may save money by purchasing a hybrid vehicle over another new vehicle, however, one does not, for the sake of saving money, save money by purchasing a Hybrid over most used vehicles.

Of course, they've been making these Hybrids for several years now, probably not too hard to find a used one for much less $$ than a new one. And, a used car simply does not give the same pleasure as a new car off the lot.

Thoughts? Reactions? Suggestions? Was I stating the obvious?

03-25-2007, 08:43 PM	#1 (permalink)
Painted Pleasure Burn	Does buying a new hybrid vehicle actually save you money? ...as opposed to buying a used vehicle? Let's say you can buy a nice 2001 Honda Accord for $5000. Not everyone has $5 grand laying around, so probably going to need a relatively minor loan. No problem. It'll just increase your credit score. Major repairs at 70,000 miles? Maybe some, but not many, especially for a Honda. I would give it 50,000 miles, at which point something engine related may be needed. $2000, then it's set for at least another 50,000 miles. Don't worry, it'll all tie together later. Or, you can buy a new Toyota Prius. $22,000, but gets 55-60 MPG, compared to the Accord's ~30 MPG. Definately going to need financing. Again with the credit scores, but this time the payments are likely to be substatially larger and over a longer period of time. Yet, it's almost improbable that you would need any major servicing in the next 100,000 miles. Now the part where the calculator comes in. 100,000 miles divided by 30 (MPG) equals 3333 gallons of fuel. 3333 gallons of fuel times the average of $2.85 for gas (around here anyways) equals $9,500. So, total cost of buying a Honda Accord and running it for 100,000 miles is roughly $16,500. The Prius. I feel that I was generous with the MPG of the Accord, so I will be with the Prius. 100,000 miles divided by 60 MPG is 1666 gallons of fuel. So, to make this quick, that's half the amount of the Accord, which would make $4,750. Total cost would be $26,750 for buying a Toyota Prius and running it for 100,000 miles. Although I have made many errors and left out many factors, I believe my basic findings will get through unharmed. I concur that you may save money by purchasing a hybrid vehicle over another new vehicle, however, one does not, for the sake of saving money, save money by purchasing a Hybrid over most used vehicles. Of course, they've been making these Hybrids for several years now, probably not too hard to find a used one for much less $$ than a new one. And, a used car simply does not give the same pleasure as a new car off the lot. Thoughts? Reactions? Suggestions? Was I stating the obvious? __________________ I came across a nice rack at the department store