.
Figure 2: Cost Savings for Gasoline-Electric Hybrid (Prius) vs. Electric Plug-In (Leaf)
Vehicle | Approx. Price Premium | Annual Fuel Savings 6 Months Ago | PaybackYears | Annual Fuel Savings Now | Payback Years |
Toyota Prius | $4,300 | $534 | 8.1 | $313 | 13.7 |
Nissan Leaf (approx. price premium including electric vehicle tax credit) | $7,330 | $796 | 9.2 | $2.81 | 25.8 |
Source: Auto company websites, AAA, Department of Energy
The data for gasoline-electric hybrids like the Toyota Prius and the all-electric Leaf are calculated somewhat differently. Here, the approximate price premiums are based on the type of battery used for charging and consumers end up paying this price for the privilege of driving these vehicles. The logic here is that when gasoline prices are high, like they were 6 months ago, these vehicles shine since it takes less number of years to equalize the price premium. Alternatively, when gasoline prices are low as they are now, the payback years increase substantially. Imagine having to wait 25 years to equalize the price premium.
For small businesses the message is clear; rather than wait for the ‘bust’ cycle to occur – the period we are currently in, when prices crash for oil and related fuels, plan for the long-term by purchasing or leasing a fuel efficient vehicle. That way, you can make a great start in lowering one of the major costs of running a small business – energy.
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