It's Time to Buy a Hybrid Vehicle, Suggests Edmunds.com

It's Time to Buy a Hybrid Vehicle, Suggests Edmunds.com


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It's Time to Buy a Hybrid Vehicle, Suggests Edmunds.com

Gas Prices on the Rise, Hybrid Vehicle Prices Falling and Owner Perks Abound

SANTA MONICA, Calif. — March 13, 2007 — Considering a hybrid vehicle? Now is the time to buy, according to Edmunds.com, the premier online resource for automotive information. There are four key reasons:

  1. According to Edmunds.com True Market Value® (TMV®) pricing system, average transaction prices of most hybrid vehicle models are at their lowest levels in history because the supply is finally beginning to exceed the demand.
  2. For the first time ever, incentives are being offered on many popular hybrids.
  3. Certain hybrid tax credits will be lower for those who purchase later in the spring, after automakers reach specific hybrid sales targets.
  4. Gas prices have begun their seasonal rise. AAA recently reported that unleaded fuel is up 32 cents per gallon compared with one month ago.

"In the past, our research showed that the True Cost to OwnSM a hybrid vehicle was exorbitant," said Alex Rosten, Manager of Pricing and Market Analysis for Edmunds' AutoObserver.com. "However, our latest analysis indicates that, considering current hybrid price trends and rising gas prices, it is financially sound to purchase a new hybrid vehicle within the next few weeks, before the tax credits are further reduced."

The following chart sets forth pricing comparisons that illustrate the advantage of buying a hybrid vehicle today versus three months ago:

Year Make Model December 2006 TMV® March 2007 TMV® December-March Change Tax Rebate Available to Buyers Today Projected Tax Rebate Available to Buyers Beginning in April
2007 Ford Escape Hybrid $25,600 $25,044 -$566 $2,600 $2,600
2007 Honda Civic Hybrid $22,600 $22,001 -$599 $2,100 $2,100
2007 Toyota Prius $24,480 $21,196 -$3,284 $1,575 $788
2007 Toyota Camry Hybrid $27,819 $25,113 -$2,706 $1,300 $650

"Hybrid vehicles have always been a compelling choice for drivers who want to save fuel and to drive an environmentally friendly car," said Philip Reed, Senior Consumer Advice Editor at Edmunds.com. "While buyers used to pay a premium for hybrids, now the vehicles are more affordable and there are a number of additional benefits."

Additional benefits of hybrid ownership include:

  • Government Tax Credits and Rebates — Federal, state and local governments provide various incentives for consumers to purchase hybrid vehicles.
  • HOV/Carpool Lane Driving — Some state governments permit hybrid vehicles in High Occupancy Vehicle (HOV) lanes and carpool lanes even if the driver is alone in the car.
  • Free Parking — Some local governments and other organizations (such as the Fairmont Hotel in San Jose, Calif.) provide free or reduced parking for hybrid vehicles.
  • Corporate Cash-Back — Bank of America, My Organic Market and other companies offer cash incentives to any employee who purchases a hybrid vehicle.
  • Insurance Discounts — Insurance companies such as Farmers Insurance Group and Travelers Insurance offer special discounts to drivers of hybrid cars.

To find more information on these and other perks, read the article Finding Great Perks for Hybrid Buyers at http://www.edmunds.com/advice/fueleconomy/articles/119048/article.html.

For additional information on hybrids and fuel economy, visit Edmunds' Hybrid Buying Guide and Fuel Economy Guide.

About Edmunds (http://www.edmunds.com/about/)
Edmunds publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive consumer information, launched in 1995 as the first automotive information Web site. Its most popular feature, the Edmunds.com True Market Value®, is relied upon by millions of people seeking current transaction prices for new and used vehicles. Edmunds.com was named "Best Car Research Site" by Forbes ASAP, has been selected by consumers as the "Most Useful Web Site" according to every J.D. Power and Associates New Autoshopper.com Study(SM), was ranked first in the Survey of Car-Shopping Web Sites by The Wall Street Journal and was rated "#1" in Keynote's study of third-party automotive Web sites. Inside Line launched in 2005 and is the most-read automotive enthusiast Web site. CarSpace launched in 2006 and is an automotive social networking Web site. AutoObserver.com launched in 2007 and provides insightful automotive industry commentary and analysis. Edmunds is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit.

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