- http://www.businessweek.com/magazine...0138_mz070.htm

 

This is something we already know though right? As "early adopters" we've known the benefits of hybrid technology. I'm happy with my purchase and though I could've bought something like the Matrix and saved a lot of money up front, I enjoy driving my Prius and all the money and time it will save me in the long run I hope outweigh the option of saving money at the dealer in the first place.

 

Red,

It mostly depends how how many miles you put on the car, with the price of gas thrown in as an unknown. In my specific case, it works out to be five years -- about 1/3 of the time I hold onto cars.

My take is a bit different: If I come close to breaking even money-wise, then it was a no-brainer decision, considering the benefit to the country and environment that was gained.

 

Well, my trip to work one way is 100 miles. I work 4 days a week. In my case I think it'll benefit me in the end as long as the car holds out. As long as I treat my car well, then coupled with the tax credits I'll be getting, I think, well I hope that i come out ahead.

 

Hey Red,

Saving money does not have to be a only a hope for the future. Did you take a loan to buy the car ? If so, figure out how much your monthly payment is increased by the higher purchase price of the Prius compared to the car you would have bought otherwise. To be fair, take into consideration any interest rate differences (eg, if a promotional rate was being offered on one car and not the other).

Compare that amount to how much you save in gas each month.

I am curious what you find.
If you require help with the math and are comfortable posting your numbers, I'll help you.

And keep in mind, that when the car is outright yours, *all* the gas savings go directly into your pocket.

- Cheers

 

ok, I plugged in some numbers.
Assumptions:
Matrix 30 mpg
Prius 50 mpg
Yearly miles driven: 48000
Gas: $2.75/Gallon
Interest rate: 5%

You save $150/monthly on gas. 60 monthly payments of $150 will finance $8000.
So if the Prius was less than $8K more expensive than your alternative choice, you are saving money already.

Add in tax credits as you say, other perks available in your area, the cool factor, and your damaging the environment less while pouring less money down a middle-eastern well, and I would say you made a *very* good decision, indeed.

 

This is off-topic, but if my plan is to refinance my house and consolidate my car loan into my home loan and the car becomes mine for the most part, am I now not ahead?

Back on topic: It's not all so much about saving my money, though, but it is indeed a nice perk to scoff at those in line at the pumps. I told my daughter that what was most cool about the car was the fact that it's not going to pollute the air like other cars do, I have two kids and I'd hate for them to grow up choking on the air outside because of what my generations and those before mine have done to the air due to indifference. The hybrid technology gives us our chance to sort of make amends with the environment and make the Earth a better place now rather than 40 years from now when they suspect hydrogen powered cars to be all over the roads.

 

Hi Red_The_Impaler:

___You really have to be careful how you categorize a hybrid vs. non-hybrid including both FE and Emissions. I do not want to say much more but look up the number of non-hybrid PZEV’s available and what kind of FE they are actually capable of …

___Good Luck

___Wayne R. Gerdes
___Waynegerdes@earthlink.net