CarGurus finds hybrid vehicles cost more to own than comparable gas-powered vehicles.
CAMBRIDGE, Mass., September 10, 2010 — CarGurus® (http://www.cargurus.com/), a leading online automotive community, has determined that the majority of hybrid vehicles cost more to own and drive than comparable gas-powered vehicles. Based on the analysis of 45 hybrid cars which have similar non-hybrid, gas powered models, on average the Hybrid models cost 25% or over $2,200 more to own and operate than their non-hybrid counterparts.
Buying a new Hybrid carries with it a substantial cost premium over comparable gas-powered vehicles. Often time this cost premium can be quite substantial. In the 45 models studied, the average MSRP of hybrids was almost $6,400 more than that of their gas-powered counterparts. But the popular idea that hybrids actually cost less to own and drive via higher resale values and reduced gas expenses proved false in 76% of the cases examined. In the large majority of cases, the gas savings from hybrids did not overcome the substantial price premium paid at the time of purchase.