A handful of hybrids–two, actually–may earn back their price premiums, Consumer Reports says. In its April issue, the magazine was more pessimistic. Oops, CR now says; we calculated depreciation twice, which made hybrids seem more costly than they really are.

That said, only two vehicles will likely save you money over five years of driving, according to CR: The Toyota Prius would save about $500, and the Honda Civic Hybrid, about $300. In comparison, the magazine says, the Ford Escape Hybrid (and sibling Mercury Mariner), Honda Accord Hybrid, Lexus RX400h, and Toyota Highlander Hybrid will cost owners $1,900 to $5,500 more over five years.

All those calculations assume you can take advantage of the hybrid-vehicle tax credits. Toyota will and Honda may sell enough hybrids that the credit phases out, which means a year from now they won't be such a good deal.

Here's our take: Today's hybrids work best on city streets. Highway mileage may be disappointing. And the savings you get fade, as gasoline prices drop from $3.50 to $2.00 a gallon. The 2006 tax credits start to phase out once a manufacturer sells 60,000 hybrids, something Toyota and Honda will do this year. The amount varies from vehicle to vehicle, and the phase-out is complex. See the American Council for an Energy-Efficiency Economy site for details.

If your interest lies in a car that's cheap to operate, regardless of whether it's burning fewer hydrocarbon fuels or saving money because it needs less maintenance, the best bet is to buy an inexpensive car with a four-cylinder engine and go easy on the options list. Spending $500 on a dashtop nav systems versus $1,500 for integrated nav doubles or triples the potential fuel savings you'd experience from Prius or Civic Hybrid.

Consumer Reports' updated conclusion reads like one of those your-mileage-may-vary warning labels: "The costs and benefits of hybrids vary significantly, depending on the model…consumers should weigh them carefully before buying one."