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Are Hybrid Vehicles worth the extra cost?. Ryan Pietropaolo NCSSM January 2012. Goal. Compare costs of Hybrids with non-hybrid vehicles. Compare environmental impacts i.e. oil use Cost of owning a vehicle. Brain-Storm Variables. i nitial cost m iles per gallon f inancing rates

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are hybrid vehicles worth the extra cost

Are Hybrid Vehicles worth the extra cost?

Ryan Pietropaolo

NCSSM

January 2012

slide2
Goal
  • Compare costs of Hybrids with non-hybrid vehicles.
  • Compare environmental impacts i.e. oil use
  • Cost of owning a vehicle.
brain storm variables
Brain-Storm Variables
  • initial cost
  • miles per gallon
  • financing rates
  • gas prices
  • tax rate
  • maintenance
  • repairs
  • average lifespan
  • insurance cost
  • depreciation value
apples to apples comparison
apples-to-apples comparison
  • 2012 Honda Civic Sedan
  • Hybrid vs. LX
basic assumptions
Basic Assumptions
  • Driving habits: 15,000 miles per year; 50/50 city/highway
  • Purchased in North Carolina (Durham County)
  • Inflation 3% per year
  • Insurance: same coverage, based on car value
  • Equal Maintenance costs
initial costs and financing
Initial Costs and Financing
  • Hybrid: $24,050; LX: $18,655
  • no money down
  • 48 month loan on initial cost only
  • 4% annual interest, compounded monthly
repayment cost
Repayment Cost
  • Annual Cost:

Hybrid- $6516 LX- $5054

fuel costs
Fuel Costs
  • Hybrid: 44 miles/gal (combined city/hwy)
  • LX: 33.5 miles/gal (combined city/hwy)
  • Current gas price: $3.35 (inc. 3%/year)
slide12
Tax
  • New car tax rate – 7.3% (North Carolina)
  • Yearly Property Tax Rate- 1.2481% (Durham)
  • Depreciation Rate:
yearly maintenance costs
Yearly Maintenance Costs
  • 5-year estimates based on previous models
  • Increase 3% each year after year 5
yearly repair costs
Yearly Repair Costs
  • 5-year estimates based on previous models
  • Increase 10% each year after year 5
  • Repairs same for both models
  • Battery Packs generally last the life of the vehicle and reduce engine wear. (.2% F.R.)
yearly insurance costs
Yearly Insurance Costs
  • Liability insurance costs are equivalent for both vehicles. ($450 per year)
  • Non-liability costs are determined on the depreciated value of the car. (3% per year)
  • Owners only carry liability insurance after the ninth year.
oil conversions
Oil Conversions
  • 42 gallons of oil per barrel
  • 45% of oil becomes usable gasoline
  • Super Tanker carries 2 million barrels of oil
  • 21,000 Honda Hybrids sold in United States last year
extensions
Extensions
  • What current gas price would make it cost effective to buy a hybrid?
  • At what point should you sell your SUV and buy a hybrid?
  • Comparisons involving Electric and Diesel.
  • When is it cost-effective to build light-rail transit?
  • What is the impact of the CAFE standards on oil dependence?
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