The results are in!
The majority of readers voted for buying a Prius.
And it turns out they are wrong…
…under certain conditions.
Under other conditions, they may be right.
Based on $5.00 gasoline, $0.40 per kWh electricity, 10,105 annual miles, 20/80% highway/city driving, and the availability of the $7,500 Federal and the $5,000 California, tax credits for EVs and PHEVs, it takes a Toyota Prius HEV almost 16 years to breakeven from fuel savings relative to a Toyota Corolla. The EVs and PHEVs in the study do not even remotely come close.
Since the average car life is roughly ten years, this result is discouraging. Under these conditions, it makes the most economic sense for my family to purchase a Toyota Corolla.
However, this is not the end of the story by any means.
Tomorrow, I will run the numbers again for a range of gasoline prices and annual mileage.
The answer may change again tomorrow…
Click here for the next installment of this series.