Car makers have been hyping new high-efficiency versions of some of their more popular vehicle brands and consumers have in large part found themselves interesting in potential savings these cars might afford. However, tests show that it could take years for the average driver to realize enough cost savings on gas to make up for the higher price tag. Consumer Reports test tracks studied a sample of these new, small, fuel-efficient vehicles and found that drivers expecting big savings on gas would instead find themselves disappointed.
On average, the Consumer Reports study found that most drivers would save about $20 per year when they upgrade to a Hybrid model compared to the standard version of the car. While the most efficient cars in the study demonstrated savings for consumers of around $140 per year, those results were rare.
The added cost of the fuel-efficient technologies is so high that it would take the average driver many years - in some cases more than a decade - to save money over comparable new models with conventional internal-combustion engines.
A larger more comprehensive study done by the New York Times and truecar.com found that added technology does not necessarily equal added savings, findings that were in line with the earlier Consumer Reports study.
Upgrading a new vehicle purchase from its standard model to a Hybrid or one with comparable fuel-efficient technology is $600. When you take into account that most people own their cars for about six years, a consumer would barely break even in the long run in gas savings with the upfront price of the vehicle. The test found that this is true at today's pump prices, around $4, and also if gas were to climb to $5 a gallon. Indeed, gas would have to approach $8 a gallon before many of the cars could be expected to pay off.
So why do some buyers pay more for advanced technology that might not save them money and why are these high technology cars touted as big money savers? Many consumers never do the math, analysts say, or they tend to overestimate how much the added miles per gallon translate into actual monetary savings. Some view the higher mileage as better for resale value, hoping to come out better on the back end.
Others clearly view saving fuel and doing something better for the environment as their ultimate goals, regardless of cost. Some hybrid cars became a success in part because drivers wanted to drive - and be seen driving - a hybrid. Many just want a vehicle that consumes less gas, and some are willing to pay a modest premium for a hybrid if they want to reduce their fuel use even more.
Ultimately, while hybrid or other fuel-efficient model cars do indeed boast higher mileage per gallon and will in the immediate save money each time you fill up your car, the extra cost of purchasing this type of car will take years to level out with the savings on gas.
On average, the Consumer Reports study found that most drivers would save about $20 per year when they upgrade to a Hybrid model compared to the standard version of the car. While the most efficient cars in the study demonstrated savings for consumers of around $140 per year, those results were rare.
The added cost of the fuel-efficient technologies is so high that it would take the average driver many years - in some cases more than a decade - to save money over comparable new models with conventional internal-combustion engines.
A larger more comprehensive study done by the New York Times and truecar.com found that added technology does not necessarily equal added savings, findings that were in line with the earlier Consumer Reports study.
Upgrading a new vehicle purchase from its standard model to a Hybrid or one with comparable fuel-efficient technology is $600. When you take into account that most people own their cars for about six years, a consumer would barely break even in the long run in gas savings with the upfront price of the vehicle. The test found that this is true at today's pump prices, around $4, and also if gas were to climb to $5 a gallon. Indeed, gas would have to approach $8 a gallon before many of the cars could be expected to pay off.
So why do some buyers pay more for advanced technology that might not save them money and why are these high technology cars touted as big money savers? Many consumers never do the math, analysts say, or they tend to overestimate how much the added miles per gallon translate into actual monetary savings. Some view the higher mileage as better for resale value, hoping to come out better on the back end.
Others clearly view saving fuel and doing something better for the environment as their ultimate goals, regardless of cost. Some hybrid cars became a success in part because drivers wanted to drive - and be seen driving - a hybrid. Many just want a vehicle that consumes less gas, and some are willing to pay a modest premium for a hybrid if they want to reduce their fuel use even more.
Ultimately, while hybrid or other fuel-efficient model cars do indeed boast higher mileage per gallon and will in the immediate save money each time you fill up your car, the extra cost of purchasing this type of car will take years to level out with the savings on gas.
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