CHICAGO, March 4, 2011 /PRNewswire/ -- As the price for a
gallon of gasoline creeps over $4.00/gallon – and shows no sign of slowing –
many drivers are wondering if they should trade in their gas
guzzler for something more fuel efficient, such as a hybrid or
electric vehicle. According to the editors at Cars.com, one
of the nation's leading on-line resources for buying and selling a
car, the answer is most often "No."
"When gasoline goes north of $4.00
a gallon, it changes the types of cars people shop for," said
David Thomas, Cars.com Senior
Editor. "We saw this in 2008 where the bottom fell out of the
SUV market, and people gravitated toward smaller – and often hybrid
– vehicles. While we certainly support fuel efficient
vehicles as a principle, the mistake we see many people make is
automatically thinking an electric or hybrid vehicle will
inevitably save them more money than the car they currently
own."
"Rarely does bad mileage justify shelling out for a new car,"
adds Cars.com Senior Editor and green automotive technology expert
Joe Wiesenfelder. "Bear in
mind when considering the economics that the trade-in value of any
guzzler plummets at times of high gas prices, while transaction
prices for efficient cars skyrocket. If the equation makes no sense
based on sticker prices, then it definitely falls apart based on
transaction prices."
That said, Wiesenfelder does point out a number of advantages to
owning an electric vehicle. "People often talk about hidden
costs, but for these vehicles, such as the Chevy Volt and Nissan
Leaf, we've found a number of hidden savings. I
especially see the Leaf as being exceptionally cheap to own and
maintain; the main cost is upfront, but powering and maintaining
should be lower. Of course, batteries are a question mark,
but the warranties are long and the success of the Toyota Prius
with its type of battery is reassuring."
Other advantages include federal and sometimes state incentives,
both for the car and the charger. Some electric utilities are
subsidizing at-home charger installations and offering special
rates. Some states and municipalities also offer HOV lanes
and preferred parking spaces, and many commuters are fortunate to
be close to a free charging location near their office.
Despite the benefits, Wiesenfelder still believes that purely
for economics, buying a hybrid or electric vehicle because of gas
prices does not make sense. "Buying a Leaf or Volt now is no
more logical – and probably less – due to the market realities. The
new compacts like the Chevy Cruze, Ford Focus and Hyundai Elantra
are a better choice in the long run due to lower price and
respectable mileage."
ABOUT CARS.COM
Cars.com was recently named the "Best Overall Customer
Experience" by Keynote Systems, the world's leading Internet usage
research company. Cars.com is an online destination for car
shoppers that offers information from consumers and experts to help
buyers formulate opinions on what to buy, where to buy and how much
to pay for a car. With price listings, side-by-side comparison
tools, photo galleries, videos, unbiased editorial content and a
large selection of new- and used-car inventory, Cars.com puts
millions of car buyers in control of their shopping process with
the information they need to make confident buying
decisions.
Launched in June 1998, Cars.com is
a division of Classified Ventures, LLC, which is owned by leading
media companies, including Belo (NYSE: BLC), Gannett Co., Inc.
(NYSE: GCI), The McClatchy Company (NYSE: MNI), Tribune Company and
The Washington Post Company (NYSE: WPO).
SOURCE Cars.com