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| The popular Prius hybrid |
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NEW YORK (CNN/Money) -
Gas-electric hybrid vehicles are good for the planet but bad for the wallet, according to a report Wednesday.
The analysis, by Edmunds.com for USA Today, said the cost for advanced technology isn't completely offset by gas savings and federal tax credits over the five years that owners typically keep their vehicles.
The study showed that in most cases, an owner would have to drive a hybrid tens of thousands of extra miles a year, or gasoline would have to hit much higher levels, to reach a break-even point with a comparable gas-powered model.
"If people go in with the idea they are saving money, they are mistaken," Jesse Toprak, pricing director for Edmunds.com, an auto research site, told the paper.
CNN/Money reached a similar conclusion in another analysis done in partnership with Kelley Blue Book for a July, 2004, story called "Is a hybrid right for you?".
According to the newspaper, Edmunds.com compared costs of ownership, including purchase price, taxes, financing, insurance and maintenance over five years. Depreciation costs were excluded because of the difficulty predicting the resale values of the new hybrids. The study also assumed two-thirds highway and one-third city driving.
Gas is figured at $2.28 per gallon the first year, which is what Edmunds.com says it found was the average price across the country in April. It rises 3 percent a year.
Edmunds.com's assumptions in the study paint a "worst-case scenario," Honda spokesman Andy Boyd told the paper.
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'Your mileage may vary'
Hybrid-available vehicles:
Toyota Prius
Toyota Highlander
Lexus RX 400h
Honda Civic
Honda Accord
Ford Escape
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