Car makers have been hyping new high-efficiency versions of some of their more popular vehicle brands and consumers have in large part found themselves interesting in potential savings these cars might afford. However, tests show that it could take years for the average driver to realize enough cost savings on gas to make up for the higher price tag. Consumer Reports test tracks studied a sample of these new, small, fuel-efficient vehicles and found that drivers expecting big savings on gas would instead find themselves disappointed.
A Consumer Reports test track study found that most drivers save about $20 per year when they upgrade to a Hybrid model compared to the standard version of the car. While the most efficient cars in the study demonstrated savings for consumers of around $140 per year, those results were rare.
The added price tag on fuel-efficient technologies is sometimes so high that it would take the average driver many years (up to a decade) to save money over comparable new models with conventional internal-combustion engines.
A larger more comprehensive study done by the New York Times and truecar.com found that added technology does not necessarily equal added savings, findings that were in line with the earlier Consumer Reports study.
To upgrade a car from its standard model to a Hybrid model or one with comparable fuel-efficient technology, consumers will pay on average $600 extra. This cost can go as low as $400 and as high as $2000. Using the average added cost, it would take much longer than the six years most people own their car before many of these Hybrid alternatives could be expected to net savings. These results proved true at today's pump prices, around $4, and also if gas were to climb to $5 a gallon. Indeed, the study posits that gas would have to approach $8 a gallon before many of the cars could be expected to pay off.
Still consumers are willing to pay more for advanced technology that might not save them money. So, why are these high technology cars touted as big money savers? Many consumers never do the math, analysts say. They tend to overestimate how much the added miles per gallon translate into actual monetary savings based on the advertised savings and don't take into account the higher price they are paying up front. Some consumers view the higher mileage as better for resale value, and even though they realize they may not save money in the short term, they are hoping to come out better on the back end.
On the other hand, some people simply want to drive and be seen driving a Hybrid. This type of consumer clearly views saving fuel and doing something better for the environment as their ultimate goal, regardless of cost. They are simply interested in a vehicle that consumes less gas, and some are willing to pay a modest premium for a hybrid to achieve this goal.
The bottom line is that while hybrid or other fuel-efficient model cars do boast higher mileage per gallon of gas and while they do provide a consumer with the satisfaction of knowing they are doing their part to help the environment, the extra cost of purchasing this type of car will take years to level out with the savings on gas.
A Consumer Reports test track study found that most drivers save about $20 per year when they upgrade to a Hybrid model compared to the standard version of the car. While the most efficient cars in the study demonstrated savings for consumers of around $140 per year, those results were rare.
The added price tag on fuel-efficient technologies is sometimes so high that it would take the average driver many years (up to a decade) to save money over comparable new models with conventional internal-combustion engines.
A larger more comprehensive study done by the New York Times and truecar.com found that added technology does not necessarily equal added savings, findings that were in line with the earlier Consumer Reports study.
To upgrade a car from its standard model to a Hybrid model or one with comparable fuel-efficient technology, consumers will pay on average $600 extra. This cost can go as low as $400 and as high as $2000. Using the average added cost, it would take much longer than the six years most people own their car before many of these Hybrid alternatives could be expected to net savings. These results proved true at today's pump prices, around $4, and also if gas were to climb to $5 a gallon. Indeed, the study posits that gas would have to approach $8 a gallon before many of the cars could be expected to pay off.
Still consumers are willing to pay more for advanced technology that might not save them money. So, why are these high technology cars touted as big money savers? Many consumers never do the math, analysts say. They tend to overestimate how much the added miles per gallon translate into actual monetary savings based on the advertised savings and don't take into account the higher price they are paying up front. Some consumers view the higher mileage as better for resale value, and even though they realize they may not save money in the short term, they are hoping to come out better on the back end.
On the other hand, some people simply want to drive and be seen driving a Hybrid. This type of consumer clearly views saving fuel and doing something better for the environment as their ultimate goal, regardless of cost. They are simply interested in a vehicle that consumes less gas, and some are willing to pay a modest premium for a hybrid to achieve this goal.
The bottom line is that while hybrid or other fuel-efficient model cars do boast higher mileage per gallon of gas and while they do provide a consumer with the satisfaction of knowing they are doing their part to help the environment, the extra cost of purchasing this type of car will take years to level out with the savings on gas.
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