This morning the price of gasoline in The Kneeslider’s neck of the woods dropped to $1.99, first time it’s been under $2.00 since May. The payback period for all of those hybrid drivers just keeps getting longer and longer.
From yesterday’s Wall Street Journal:
Toyota applauds your willingness to spend $9,500 over the price of any comparable vehicle for the privilege of saving, at current gasoline prices, approximately $580 a year.
And should the price of gasoline rise to $5, after 10 years and/or 130,000 miles of driving, you might even come close to breaking even on your investment in hybrid technology.
Reports of the imminent demise of the internal combustion engine may have been slightly exaggerated.
It’s interesting, too, some sites that point to the article criticize other points the author made and skip over the investment side. We’re doing it to be “green” and friendly to the earth, the money doesn’t count, etc. However, I bet if you polled a lot of the Prius owners, they would say they did it to save money and are none too happy about how things are turning out.