Hybrids versus non-hybrids gets more interesting in 2012
If you're seeking a cheap compact or subcompact, can a hybrid compete? Does the hybrid premium mean that hybrids simply don't have a chance in these segments?
The 53 mpg — city NOT highway — Prius C might make automakers rethink the value proposition of compact hybrids.
Starting below $19,000 the smaller Prius C offers interesting potential. Yes, it’s still more expensive than a Corolla or Yaris for instance, for example, but it might not be that much more costly.
Assuming the base Prius C includes similar options as the Corolla LE — power windows, locks, and 6 airbags, for instance. Of course, the Prius C offers 9 airbags.
Using that comparison, the cost difference appears to be less than $2000 and maybe even as little as $1500.
Obviously, $1500 isn’t pocket change, but based on average fuel economy Prius C buyers would recoup their hybrid premium in two years, or even less if heavy urban drivers. After 5 years C buyers could be $2,000 ahead.
And with $4.00+ gasoline forecasts already in the mix for 2012, that hybrid premium could turn into an even bigger investment.
How about compared to a Yaris?
Well, the Prius C offers more passenger and cargo space than a Yaris. In fact, it offers the same interior volume as a the Corolla. So, it's hard to make a direct comparison to the Yaris. Of course, since the Prius C is a hatcback, it isn't a perfect match for the Corolla either.
How about versus the Honda Fit or a Ford Fiesta?
The Prius C is definitely bigger than the Fiesta in terms of passenger and cargo space, but actually a little smaller than the Fit.
Using Honda’s vehicle comparison tool, Fit comes in at $16,745, 3 door Yaris $15,850 and $18,550 for Fiesta. Again, those are Honda’s tools.
Still, at under $19,000, the C might still come in around only $2000 more than Fit — around 3 years for hybrid premium payback — although Fit is still bigger.
It doesn't seem fair to compare the C to a smaller 3 door Yaris, and the Fiesta price seems to make the Prius C a steal.
Anyway you slice it, however, it seems the Prius C offers a hybrid premium payback in less than 5 years, maybe even less than 3 years in some instances compared to similary sized and equipped compacts and subcompacts.
Thus, if you hold onto your vehicle for 5 or more years, the Prius C could offer a huge savings in long term fuel costs compared to the compact and subcompact competition.
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