FOR IMMEDIATE RELEASE
Should You Trade in Your Gas Guzzler as Gas Prices Climb?
Some Hybrid Vehicles Now Make Financial Sense According to Edmunds.com
SANTA MONICA, Calif. — May 7, 2008 — Car buyers who want to save money at the gas pump are increasingly looking to more fuel-efficient vehicles such as hybrids to meet their needs. But hybrids command a price premium that often outweighs any potential fuel savings. Edmunds.com, the premier online resource for automotive information, has released a new study that highlights which hybrid vehicles will end up saving consumers money in the long run.
"Environmentally conscious consumers have been drawn to hybrid vehicles since day one and were willing to pay a premium for them," said Jesse Toprak, Edmunds.com's Executive Director of Industry Analysis. "But now as a result of lower price premiums, higher gas prices and, in some cases, tax credits, it won't take long for consumers to offset the price premium and actually save money by buying a hybrid — depending on which one they choose."
Edmunds.com's data indicates that the Toyota Camry Hybrid is the best bet for the financially minded consumer; the difference in price between a Toyota Camry Hybrid and the Toyota Camry can be recovered in less than two years. The owner of a Lexus LS600h, on the other hand, would have to drive over 1,000,000 miles to cover the additional cost of the vehicle over the non-hybrid LS460L.
"When deciding whether to trade in a vehicle to improve fuel efficiency, check the Edmunds.com True Cost to OwnSM figures to understand the big picture," suggested Edmunds.com Consumer Advice Editor Philip Reed. "In the long run, it may save you money, but just how long is that 'long run?'"
Additional data is below:
This hybrid study assumed the vehicles were sold for the Edmunds.com True Market Value® price and will achieve the Environmental Protection Agency's reported mileage for combined city and highway driving. Federal tax credits were applied when appropriate. Figures were calculated based on the assumption that one gallon of gasoline costs $3.61, which was the nation's average price for regular unleaded fuel on May 5, 2008. For more information about this study, please visit http://blogs.edmunds.com/strategies/.eea701a.
About Edmunds Inc. (http://www.edmunds.com/about/)
Edmunds Inc. publishes three Web sites that empower, engage and educate automotive consumers and enthusiasts. 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 January 2005 and is the most-read automotive enthusiast Web site. CarSpace launched in February 2006 and is an automotive lifestyle social networking Web site for anyone with an interest in automobiles. The company is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit.