Despite Chevy Volt's Remarkable Mileage Claims, Prius and Other Hybrids Much Cheaper to Own, Reports Edmunds.com
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SANTA MONICA, Calif.--Today’s announcement that the Chevy Volt will achieve 230 miles per gallon is creating lots of buzz, but what does it really mean for people who are considering buying a Volt? It is exciting to think that a Volt owner might only need 65 gallons of gas to drive 15,000 miles, but gas mileage entirely depends on driving style. Volt drivers who drive sensibly on unremarkable roads without hauling a carload of people or cargo - and who don't exceed 20 or 30 miles between charges - could avoid having to buy any gasoline, according to the complete analysis at Edmunds’ GreenCarAdvisor.com. Are you one of those drivers?
“For most people, it is not realistic to expect that kind of mileage in real world driving,” states Edmunds.com Senior Analyst Michelle Krebs. “That being said, the Volt should easily get more than 50 miles to the gallon, and that will make it an industry leader.”
That leadership position is the most valuable purpose of the car, according to Edmunds.com CEO Jeremy Anwyl. “The Volt’s goal is to establish General Motors’ environmental credentials, making a statement of ‘green’ competence with the most environmentally friendly powertrain on the market. Just looking at this based on economics, GM would never build the car – and that was true for Toyota when launching the original Prius, too.”
GM has to hope that most buyers are not too focused on the numbers. Despite the Volt’s fuel efficiency, Edmunds.com analysts have determined that the car will be much more expensive to drive than the current hybrids on the market. The analysis was based on the Volt’s expected sale price of $40,000 and the anticipated federal tax credit of $7,500 for which Volt buyers will qualify.
The following chart sets forth comparisons between the Volt and some popular hybrids, assuming the cars are driven 15,000 miles per year and gasoline cost the same as it does today: $2.53 per gallon.
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Make |
Model | True Market Value® Minus Rebates and Tax Credits | VOLT Premium | MPG | Gallons per Year | Annual Gas Cost | Annual Hybrid Gas Savings | Years to Break Even | ||||||||
| Malibu | ||||||||||||||||
| Chevrolet | Hybrid | $22,395 | 29.1 | 515.8 | $1,305.07 | |||||||||||
| Chevrolet | Volt | $33,220 | $10,825 | 230.0 | 65.2 | $165.00 | $1,140 | 9.5 | ||||||||
| Fusion | ||||||||||||||||
| Ford | Hybrid | $26,295 | 38.6 | 388.7 | $983.46 | |||||||||||
| Chevrolet | Volt | $33,220 | $6,925 | 230.0 | 65.2 | $165.00 | $818 | 8.5 | ||||||||
| Toyota | Prius | $22,750 | 49.6 | 302.4 | $765.05 | |||||||||||
| Chevrolet | Volt | $33,220 | $10,470 | 230.0 | 65.2 | $165.00 | $600 | 17.4 | ||||||||
| Honda | Insight | $21,709 | 41.3 | 363.2 | $918.96 | |||||||||||
| Chevrolet | Volt | $33,220 | $11,511 | 230.0 | 65.2 | $165.00 | $754 | 15.3 |
“Even if the Volt’s fuel savings could possibly be as dramatic as today’s numbers suggest, the expected purchase price will be much higher than that of existing hybrids, and it will take years to pay off its price premium,” notes Edmunds.com Senior Analyst Jessica Caldwell. “And that doesn’t even take into account the slight bump in the electric bills of the owners who will plug it into their homes.”
“EPA fuel-consumption measures are really inappropriate for the Volt. It’s an electric, pure and simple, which happens to carry an onboard, gasoline-fueled charging station for when there’s too much distance between electrical outlets,” asserts Edmunds.com Editorial Director Kevin Smith. “The EPA doesn’t measure the energy consumed when charging the car via plug-in, and depending on your driving, that may be all the energy it needs.”
About Edmunds Inc. (http://www.edmunds.com/help/about/)
Edmunds Inc. publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive consumer information, launched in 1995 as the first automotive information Web site. Its most popular feature, the Edmunds.com True Market Value®, is relied upon by millions of people seeking current transaction prices for new and used vehicles. Edmunds.com was named "Best Car Research Site" by Forbes ASAP, has been selected by consumers as the "Most Useful Web Site" according to every J.D. Power and Associates New Autoshopper.com Study(SM), was ranked first in the Survey of Car-Shopping Web Sites by The Wall Street Journal and was rated "#1" in Keynote's study of third-party automotive Web sites. Inside Line launched in 2005 and is the most-read automotive enthusiast Web site. CarSpace launched in 2006 and is an automotive social networking Web site and home to the oldest and most established automotive community. AutoObserver.com launched in 2008 and provides insightful automotive industry commentary and analysis. Edmunds Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit.