Fuel-efficient cars: Choice and fuel economy growing quickly
With national gasoline prices averaging about $3.80 a gallon and above $4 in many states, consumer auto information sites are taking a new look at the fuel economy of vehicles and making recommendations.
Edmunds.com has a report about the vehicles that have made the biggest leaps in fuel efficiency, and the gains are pretty startling. It’s obvious the automakers know that gas prices are top of mind with consumers.
Edmunds looked at the fuel economy of vehicles in the 2008 model year and again this year. The industry has increased average fuel economy by 16%.
The Audi A3 had the biggest jump of any vehicle. Its fuel economy climbed 38.5% since the 2008 model year to an average 29.1 miles per gallon in 2012.
The top 10 fuel economy gainers during that period represented a wide range of vehicles. The Chevrolet Equinox, a sport utility, improved 32% to 25.1 mpg. The big Buick LaCrosse sedan jumped 24.1% to 26 mpg.
“The 2008 spike in gas prices served as a wake-up call for manufacturers whose fleets just weren’t cutting it for consumers who were demanding vehicles with better fuel economy,” said Edmunds.com analyst Ivan Drury. “Automakers responded by de-emphasizing fuel-chugging V6 and V8 engines and turning their focus to fuel-sipping four-cylinder and diesel engines.”
Based on the improvements in fuel economy, he said, it will cost a driver about $400 a year less to fuel a 2012 vehicle than an auto sold during the 2008 model year.
Meanwhile, Kelley Blue Book, which operates the KBB.com website, has developed a list of the least expensive fuel-efficient new cars based on five years of ownership. That calculation factors in such things as depreciation, expected fuel costs, finance and insurance fees, maintenance and repair costs and state fees for new models for the initial five-year ownership period.
“When it comes to purchasing an automobile, consumers need to think long term to determine all of the costs associated with owning a vehicle,” said Alec Gutierrez, senior market analyst of automotive insights for Kelley Blue Book.
The list illustrates that consumers should consider more than fuel efficiency when purchasing a vehicle.
The calculations look at least-expensive trim versions, so these cars are going to be pretty spartan. Most consumers would likely include some options or buy a higher trim level. Moreover, it is just a list of cars and says nothing about how the vehicles drive, their reliability, styling and other characteristics that would influence a purchase decision.
For example, the Nissan Versa, with a five-year total ownership cost of just under $26,000, has not fared well in recent automotive reviews while the Hyundai Accent, which has a cost of about $2,000 more, has received good marks.
Likewise, the Toyota Yaris, at about $28,000 for a five-year cost, has a reputation as a reliable car but reviewers have knocked the way it drives. Meanwhile, the Honda Fit, about $1,300 more, is a favorite small car of auto critics.
