Sixteen of 47 hybrid vehicles evaluated (34%) in Vincentric's 2018 Canadian Hybrid Analysis have a lower total cost of ownership compared to their closest all-gasoline powered counterpart.
The average price premium for a hybrid vehicle was $7,121 more than its all-gasoline powered counterpart. The study showed that although hybrids had an average fuel savings of $3,051 and average maintenance cost savings of $576, the average total cost of ownership for hybrids was still almost $3500 more than the all-gasoline-powered equivalents over five years.
Although, on average, hybrids don’t save money, the in-depth analysis did find that 16 of the hybrids are expected to save buyers money, with all 16 hybrids coming from the 37 passenger cars analyzed.
The hybrid identified with the most savings was the Ford Fusion Hybrid Platinum, which is forecasted to save buyers $6,640 over five years. The next two models with cost-effective hybrids were the Lincoln MKZ Hybrid Select and the Lexus ES 300h, with the five-year savings for these two vehicles expected to be $3,049 and $2,241 respectively.
The results also showed that none of the ten SUV/Crossovers analyzed are expected to save buyers money when total cost of ownership is analyzed.
“The Vincentric study shows that although hybrids have lower fuel and maintenance costs, they aren’t always cost effective in the long run,” said Vincentric President, David Wurster.
“However, Canadian buyers who want to own a cost-effective hybrid car can definitely find them, especially if they identify one in which the hybrid price premium is low.”