Hybrids may be the flavour of the moment among celebrities – but
fleets should exercise caution before adding large numbers of the
fuel-efficient vehicles to their books.
Dean Bowkett, head of pricing at fleet lessor Masterlease, has
underlined the need for fleet managers to “do the maths” and
measure financial realities against star-fuelled hype when
evaluating the use of hybrid vehicles.
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In the face of endorsements of the Toyota Prius by actors such
as Harrison Ford and Gwyneth Paltrow, Bowkett stressed that
Hollywood affections were no substitute for level-headed economic
consideration in discussions over hybrid use.
Bowkett admitted the benefits of using hybrids “if cutting CO2
emissions is [the] main objective”, but made a bleaker analysis of
hybrid efficiency in residual value terms.
As an example, Masterlease pointed out: “A Honda 1.4 Hybrid DSi
CVT costing £18,935 produces a lower CO2 (109g/km) than the £15,615
VW Blue Motion Jetta (122gm/km), but only just, yet this costs
£3,000 more. Over three years the car will typically lose £9,676
compared to the Honda which will lose £11,967 over the same
period.”
Pointing towards government-backed tax incentives to stimulate
demand for low-emissions vehicles in countries such as the UK,
Australia and Sweden, Bowkett argued that hybrids produced by
Toyota, Honda and Lexus occupy an extremely artificial position in
global markets.
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By GlobalDataHe compared the situation to that of LPG fuel in the UK during
the 1990s, which he described as “the darling of the forecourt”
until LPG tax breaks were removed by the government, along
with “any investment incentive for the necessary
infrastructure”.
Motor Finance Issue: 45 – July 08
Published for the web: July 11 08 14:51
Last Updated: July 11 08 14:51
