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2010 Toyota Prius Hybrid vs. 2010 Honda Insight Hybrid - Cost Analysis

2010 Toyota Prius Vs. 2010 Honda Insight

by Bill Kwong

Torrence California; We often rationalize large-ticket purchases based on price, and even more so when our pocketbooks are pinched. We see a lot of hybrid affordability comparisons these days. Here’s mine. So, let’s do the comparison.

The manufacturer suggested retail price (MSRP) of $22,000 for the all new third-generation 2010 mid-size Toyota Prius II is $1,806 less than the $23,806 median price of the mid-size sedan segment.

Compared to vehicles in its segment, the compact class Honda Insight LX (base model) is priced $1,400 higher (2009 compact car median price is $18,395) and has only a modest fuel-economy advantage.

Let’s do the math based on a Prius II (base MSRP of $22,000) versus an Insight EX (base MSRP of $21,300). These models are equipped the way most consumers want.

Using industry loan averages (60 month term, 7.45 percent annual percentage rate [APR], $2,400 down, tax, title and registration), the Prius has a monthly payment of $435 while the Insight carries a monthly payment of $420…a difference of $15. That’s just a couple of Starbucks double shot Grande Lattes a month.

Now let’s factor in annual fuel costs based on the EPA-estimated fuel economy rating of 50 mpg (city and highway combined) for Prius and 41 mpg (city and highway combined) for Insight and 15,000 miles at $2.62 a gallon (national average as of 6/8/2009). The Prius will save you about $172 per year or $14 a month over the Insight.

Now the overall difference is just a little over a dollar. So for a buck more each month, you get a roomier vehicle that is a full hybrid with better mileage ratings, enhanced performance, vehicle stability control, driver’s knee airbag, beltless engine, rear disc brakes….well, you get the drift.

If you compare the Prius I (base MSRP of $21,000), due out later this year, to the Insight LX (base MSRP of $19,800), which is still not an apples to apples (size and equipment) comparison, the monthly payment difference including the fuel savings is only about $12.

So, when considering hybrid affordability, look beyond MSRP. When the bigger picture is seen, Prius definitely provides more value for your money.

	Prius II	Insight EX	Difference
MSRP	$ 22,000	$ 21,300	$ 700
60 months term
7.45% APR
$2,400 down
tax
title
registration
total loan amount	$ 21,745	$ 20,977	$ 768
monthly payment	$ 435.20	$ 419.83	$ 15.37
combine mpg	50	41	9
annual fuel cost (15k/yr & $2.62gal)	$ 786.00	$ 958.00	$ 172.00
annual fuel cost diff in month			$ 14.33
diff monthly payment - gas savings
$15.37-$14.33	$ 1.04



	Prius I	Insight LX	Difference
MSRP	$ 21,000	$ 19,800	$ 1,200
60 months term
7.45% APR
$2,400 down
tax
title
registration
total loan amount	$ 20,858	$ 19,529	$ 1,329
monthly payment	$ 417.45	$ 390.85	$ 26.60
combine mpg	50	41	9
annual fuel cost (15k/yr & $2.62gal)	$ 786.00	$ 958.00	$ 172.00
annual fuel cost diff in month			$ 14.33
diff monthly payment - gas savings
$26.60-$14.33	$ 12.27