My wife and I share one car.
This fact puts us in the minority among American households. According to a Pew Research study cited by Newsweek in 2008, 70% of American households own two or more cars.
We have avoided purchasing a second car because I am the only family member who commutes to work.
However, I am about to start a new position on Friday, which will require me to work market hours. For me, that will mean driving to BART and catching a train into the city at 4:40 am, to be at my desk before the stock market opens at 6:30 a.m. Pacific time.
Since the thought of piling the entire family into the car by 4:20 a.m. seems somewhat impractical, my wife and I are considering purchasing a second car.
I want to do my part for the environment, and it would also feel good to stick one to the Saudis. As such, I am considering purchasing a hybrid electric vehicle (HEV) like a Prius, an electric vehicle (EV) such as a Nissan Leaf, or a plug-in hybrid electric vehicle (PHEV) like a Chevy Volt.
However, I am also a capitalist.
I plan to purchase one of these three vehicles if, and only if, it will save me money over a ten-year life cycle versus an automobile with a traditional internal combustion engine (ICE).
Tomorrow and for the rest of this week, I will run the numbers for various scenarios that take into account various tax incentives, fuel prices, potential carbon taxes, and the like, to determine which technology is the most cost efficient given my personal circumstances.
Before doing so, I thought it might be fun to leverage the wisdom of crowds, and set up a poll asking my readers to vote on which car they think I should buy.
The following poll will be open for 24 hours, after which I will publish the initial results of my analysis.
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