Longer road to breakeven
Prius hybrid owners have no regrets, even as gas prices plummet
Prius drivers are not suffering any buyer's remorse, despite a plunge in gasoline prices that has for the moment made the cars less economical, said some owners of the popular hybrid.
The cost of gas has dwindled since summer - when there were waiting lists for gas-electric cars such as Toyota's Prius - from more than $4 a gallon to an average of $1.66. That means the payback on a fuel-efficient hybrid, which cost about $4,000 more than a comparable gas-only car, is taking longer.
"I don't regret it at all. Nobody thinks I'm a sucker," said Diana Fisher Gomberg, 39, who ordered a basic Prius in June for about $21,000 and took delivery in July. "Gas prices are going to go back up."
But until that happens, some hybrid owners are comforting themselves with their vehicles' other street cred: The cars get about 50 miles per gallon, helping to reduce their drivers' carbon footprints.
"Driving is still bad for the environment," Gomberg said. "That hasn't changed."
But it is a lot cheaper now. In Massachusetts, the average gas price has plummeted almost 60 percent since July. Based on summer prices, it would have taken nearly four years for an average Prius owner, driving 15,000 miles a year, to save enough money on gas to see a return on their investment, according to a calculation used by the Environmental Protection Agency. At today's gas prices, however, it would take more than nine years to recoup the extra expense.
"Obviously, we're going to have a longer payoff time, but I also feel like gas prices - energy prices - are volatile, and they're going to go back up again," said Meg Wilcox, a spokeswoman for Ceres, a green investment coalition based in Boston.
Wilcox said her family purchased a $25,000 Prius after deciding their Highlander Hybrid wasn't getting enough use to justify the sport utility vehicle's size. High fuel prices influenced the family's decision to downsize, she said.
Still, Wilcox said, she isn't second-guessing the decision.
"I feel good that I'm doing what I can to reduce my carbon footprint," she said.
While the vehicle's ecofriendly reputation is helping owners justify the car's price tag, prospective Prius buyers are hesitating to commit.
"The newer ones aren't selling as quickly as they were over the summer time," said Kevin Chicoine, sales manager at Tufankjian Toyota of Braintree. Tufankjian recently had several new Priuses in stock, along with two used models. In the summer, that would have been unheard of - the cars were selling almost as soon as they arrived.
Year-to-date, Prius sales are down almost 10 percent. Last month, according to a Toyota spokeswoman, the company sold 8,660 of the cars, about half the number that sold in November 2007. In July, more than 14,700 Priuses were sold, down about 8 percent from the same month the previous year.
Overall, Toyota sales, like those of other automak ers, have slumped because of the economy. Year-to-date, the company's sales are down 13.7 percent from last year, causing Toyota to post an operating loss for the first time in at least 70 years.
The company also recently delayed the opening of a plant in Mississippi, which would have produced the first US-made Priuses.
Carmakers are not necessarily backing off from producing hybrids just because gas prices have dropped for six months. For instance, Honda Motor Co. still plans to reintroduce its hybrid Insight next year, a car that is viewed as direct competition for the Prius.
Prius owner Alvin Glazerman, 75, said he isn't worried about his car falling out of fashion any time soon. He and his wife, who live in Wellesley, purchased theirs in October for about $28,000, and Glazerman said they are trying to convince their friends to buy one.
"If everyone did that, we'd be energy independent or close to it," he said.
David Winthrop of Sharon, 49, whose wallet took a $31,000 hit when he drove off the lot this summer in a fully loaded Prius, points out the obvious benefit - hybrid owners, like everyone else, are paying less for gas, no matter what they paid for their car. "Holy cow, it only takes me 13 bucks to fill," Winthrop said.
Besides, he added, "Oil prices will go back up. It's inevitable. And once that happens, I've got a vehicle that gets great gas mileage. It's all good."
Erin Ailworth can be reached at eailworth@globe.com. 