YONKERS, N.Y., March 7 (AScribe Newswire) -- Consumer Reports is revising the cost analysis in a story that examines the ownership costs and financial benefits associated with hybrid cars. The story, titled "The dollars and sense of hybrids," appears in the Annual April Auto issue of CR, on newsstands now.
Consumer Reports is correcting a calculation error involving the depreciation for the six hybrid vehicles that, in the story, were compared to their conventionally powered counterparts. The error led the publication to overstate how much extra money the hybrids will cost owners during the first five years.
CR's revised analysis shows that two of the six hybrids recovered their price premium in the first five years and 75,000 miles of ownership. The Toyota Prius and Honda Civic Hybrid provide a savings of about $400 and $300, respectively, when compared with their all-gas counterparts - as long as federal tax credits apply. But extra ownership costs during the first five years and 75,000 miles for the other four hybrids ranged from an estimated $1,900 to $5,500, compared to similar all-gas models.
Previously, Consumer Reports had reported that its analysis showed that none of the six hybrids it had tested recovered its price premium in the first five years and 75,000 miles of ownership.
The error does not affect the main message of the story, which is that most hybrids do not save their owners money in the first few years, and that the benefits and costs of hybrids vary significantly, depending on the model. Because of the wide range of hybrid vehicles available, it's especially important for consumers to look carefully at all aspects of a vehicle before buying.
"In maintaining our commitment to the highest levels of accuracy and credibility, Consumer Reports is posting a revised version of the report on its Web site as quickly as possible," said CR's Automotive Editor Rik Paul. "We deeply regret the error."
Paul said that it's important for consumers to have the most accurate information in order to make informed buying decisions. Consumers need to know both the pros and the cons of owning a hybrid vehicle, he said.
The revised story, including a new and more detailed comparison chart, will be posted at http://www.ConsumerReports.org/autos2006 .
Consumer Reports has repeatedly pointed to the environmental and performance advantages offered by hybrid sedans and hybrid sport-utility vehicles. Hybrids typically do well in CR's test ratings, as well as in its reliability and owner satisfaction ratings. The story in the 2006 Annual April Auto Issue examines whether hybrids will actually save their owners money over the first five years.
- - - -
CONTACTS: Consumers Union Media Relations - Douglas Love, 914-378-2437, dlove@consumer.org, or Gene Lomoriello, 914-378-2417, lomoge@consumer.org
NOTE: The material above is intended for legitimate news
entities only; it may not be used for commercial or
promotional purposes. Consumer Reports is published by
Consumers Union, an expert, independent nonprofit
organization whose mission is to work for a fair, just, and
safe marketplace for all consumers and to empower consumers
to protect themselves. To achieve this mission, we test,
inform, and protect. To maintain our independence and
impartiality, CU accepts no outside advertising, no free
test samples, and has no agenda other than the interests of
consumers. CU supports itself through the sale of our
information products and services, individual contributions,
and a few noncommercial grants.
|
|
|
AScribe Newswire distributes news from nonprofit and public sector organizations. We provide direct, immediate access to mainstream national media for 600 colleges, universities, medical centers, public-policy groups and other leading nonprofit organizations.
AScribe transmits news releases directly to newsroom computer systems and desktops of major media organizations via a supremely trusted channel - The Associated Press. We also feed news to major news retrieval database services, online publications and to developers of web sites and Intranets.
And AScribe does it at a cost all organizations, large and small, can afford, a fraction of what corporate newswires charge. Click here to see how we do it