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 (122g/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.
He 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”.
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By GlobalDataFred Crawley
Motor Finance Issue: 45 – July 08
Published for the web: July 28 08 10:57
Last Updated: July 28 08 10:58
