Shopping for a hybrid but worried about the price? Honda has good news for you.
The average purchase price for a new Toyota Prius now hovers over $26,500--if you can find one. With demand for the cars exceeding supply, even used Priuses can now cost nearly $28,000. There's no good reason to hope for an end to that trend anytime soon. The Los Angeles Times reports, "Toyota recently said it would raise the suggested retail price of the 2009 Prius by $500. The automaker reportedly is set to increase Prius production by 70%, but analyst Tom Libby of J.D. Power said that won't help wannabe buyers anytime soon. Nor will modestly lower gas prices."
But a new Prius-fighter in development at Honda could significantly undercut that price.
Next Energy News reports, "The market price" for Honda's new hybrid-only model "is expected to be less than US$18,580." The vehicle follows a five-door hatchback design scheme that, spy shots show, looks remarkably like the Prius. Honda has not provided an estimated mpg, nor has it revealed the name of the car.
Kicking Tires explains that the hybrid drive system for the new vehicle "costs about half of what the Civic Hybrid's does, making for a significant reduction in production expenses. Advancements have allowed for a lighter, less-complex design."
KT speculates that the car will reach showrooms sometime in 2009; though that is the earliest estimate we have seen.
Jalopnik comments, "Considering the Honda hybrid will be coming in a whopping $3,000 less than the base Prius and will wear the depreciation-proof Honda badge, we're betting [Toyota] will be redoubling efforts on its 2010 Toyota Prius," and "A crowded market will mean good times for hybrid lovers."
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