Today's column
Sure, we all want to help the environment.
And there's little question that a hybrid car cuts down on pollution. But will buying a hybrid car save you money with gas prices going through the roof?
Fast Forward turned to some experts for advice.
Weighing the expenses
Hybrid cars, which typically combine an electric motor and a gas engine to save fuel, have sticker prices several thousand dollars higher than their gas-fueled counterparts.
But wouldn't drivers make that money back by spending less time at the pump?
"Right now you're going to be hard-pressed to find they make sense from an economic standpoint," said Gabriel Shenhar, a senior auto test engineer for Consumer Reports.
A June study from leading online car authority, Edmunds.com, shows typical drivers would have to own their car for at least five years to recognize any savings.
According to Edmunds.com research:
"Gas would have to cost at least $5.60 per gallon for hybrid drivers to break even if they drove 15,000 miles per year over the five years. Alternately, they could break even if they drove at least 37,000 miles per year at the current average gas price of $2.28 per gallon."
Bradley Berman, the editor of hybridCars.com, cautions against comparing hybrid cars with gas vehicles because it depends on what you’re in the market for.
Hybrid car buyers aren't purchasing the cars to save money - they typically want the latest technology or want to do their part by helping the environment or reducing the country's dependence on foreign oil, he said.
"It's difficult to do an apples to apples comparison," Berman, a hybrid cars advocate, said.
Even Berman doesn't recommend trading in your economy car for a hybrid. But if you're driving a gas-guzzling SUV or are ready for a new car, Berman said you may want to consider a hybrid.
"It makes sense for people who are currently in the market," he said.
Berman concedes a driver who doesn't use a hybrid car much will have a longer payback period. But he adds current gas prices show no signs of dropping and drivers will likely see the economic benefits sooner.
The experts at Edmunds.com agree, and add that as the technology improves on hybrids, the cost differential will go down.
Tax break
Drivers who buy a hybrid car by the end of the year are eligible for a federal tax deduction of $2,000. Berman said that equates to between a $400 and $600 return on your taxes, depending on your income level.
However the tax deduction is being phased out. In 2006, hybrid vehicle purchases will be eligible for a $500 deduction. But vehicles purchased after 2006 will not be eligible for a deduction.
Finding one
Eight models are on the market now from Ford, Honda, Mercury, Lexus and Toyota and more are expected in the future. Experts said not to accept anything over sticker price and to call around.
"There's still a high demand, especially for those still coming out, even though these are not cheap vehicles," said Shenhar.
Waits are much less now than they have been in the past, Berman said. Typically drivers are still having to order hybrids and then test drive them when they come in. If they don't like them, he said, customers can get their deposit back and dealers know they'll be able to sell the car.
The tight market may help hybrid owners sell their cars. Berman said used hybrids are sometimes being sold at a price higher than the car was originally sold. But that will likely change as more hybrids come on the market.
Elmon Dale, the general sales manager at Rice Toyota in Greensboro, said there is a minimal wait at his dealership. So far, Rice Toyota has sold 90 hybrids this year and has some in stock available for test drives. That's more than in 2004 because more cars have been made available.
The verdict:
Depends on the expert.
"Between tax deductions, reduced maintenance costs and very strong retail costs, there may be a stronger economic value," Berman said.
Shenhar said the Toyota Prius comes closest to being cost-efficient, but the cheapest way to go may still be a very economic gas guzzler, however untrendy that may be.
His recommendation if you're trying to save money and fuel - a used Toyota Echo. But Shenhar concedes with a laugh that some may find that "too frugal."
Online sources:
www.fueleconomy.gov
www.hybridcars.com
www.edmunds.com
www.consumerreports.org
Fast Forward runs every Saturday. Got questions you want answered or need to vent about transportation issues? Send 'em our way at fastforward@news-record.com. Be sure to leave your name and a way for us to get in touch with you.
ROAD WORK
GREENSBORO
Lanes along the Guilford College Road exit ramp for Interstate 40 Westbound and will be closed at times for the widening of the ramp through July 30. Lanes on Swing Road may also be closed.
HIGH POINT
Bentbrook Drive will be closed between Aberdeen Road and Old Mill Road Monday through July 25 while work is performed on the Colonial Pipeline. Take Old Mill Road to Greenhill Drive to Impala Avenue to Bentbrook Drive.
GUILFORD COUNTY
The left lane of I-85 north will be closed through Aug. 31 for construction work in the median between the I-85 Bypass and Groometown Road overpass.
The intersection of N.C. 62 and Hunt Road will be closed until Aug. 26 to improve sight distance and install turning lanes. Take Branson Mill Road to Hunt Road to Neeley Road to Appomattox Road and back to N.C. 62. Detour Hunt Road is Bantam Road to Branson Mill Road and back to Hunt Road.
Ritters Lake Road will be closed between Alliance Church Road and Pleasant Garden Road through July 23. Take Alliance Church Road to Talbot Road to Pleasant Garden Road.
FORSYTH COUNTY
Two of the three lanes of Interstate 40 Eastbound at mile marker 194 will be closed 8:30 a.m. to 5 p.m. Tuesday, Wednesday and possibly Thursday for maintenance. Expected backup is more than two miles.