Hybrids save money on gas. No news there. But the payback period is a different matter. The premium for some hybrids is so high that it could take you a decade to make back the difference, nearly a century in the case of one Lexus. That's the conclusion of Edmunds.com, which found that just one in five hybrids pays off inside of five years. Take the Chevrolet Malibu (photo) I just drove in both regular and hybrid versions. Both are well-crafted examples of why there's signs of world-class competitiveness in the American auto industry. But, says Edmunds in its story, "Payback Period for Many Hybrids Grows as Demand Raises Prices," you'd need to drive the Malibu 10.9 years to get back your higher original investment. Nice as the Malibu is, I don't think 11 years wedded to that vehicle is in my plans. Edmunds says you get your higher investment back quickest with the Toyota Prius, Nissan Altima, and GMC Yukon. Worst are the Lexus LS600H (the one Lexus air-freighted to Paul McCartney in a friends-of-the-environment gesture), Saturn Aura, and Toyota Highlander.
Currently, three of 15 hybrids breaks even in less than five years; in March, Edmunds says four of the then-13 models had a five-year payback. Edmunds calculates the payback period by calculating the list price, less rebates and federal tax credits, of gasoline and hybrid cars (or equivalents, a Toyota Camry in the case of Prius), the cost of fuel ($4.02 a gallon here), and fuel economy over 15,000 miles a year of driving. Take all this with a grain of salt. Thorough as the Edmunds calculations are, they're affected by current pricing and rebates and payback periods can rise or fall dramatically in just a few months. And some similar vehicles have vastly different payback periods, such as the Chevrolet Malibu and Saturn Aura, or Chevy Tahoe and GMC Yukon. Currently, you'll need almost a century of driving to pay back the $18,858 premium on the big Lexus.
Here are the payback periods for the current crop of hybrids, as calculated by Edmunds.com:
Toyota Prius, 3.5 years to break even
Nissan Altima, 3.8 years
GMC Yukon, 4.9 years
Toyota Camry, 5.4 years
Mercury Mariner, 5.5 years
Ford Escape, 5.9 years
Honda Civic, 6.1 years
Saturn Vue, 6.9 years
Lexus RX400H, 6.9 years
Chevrolet Malibu, 10.9 years
Chevrolet Tahoe, 13.8 years
Toyota Highlander, 17.9 years
Saturn Aura, 31.0 years
Lexus LS600H, 98.5 years
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