According to the Japan Stock Blog (the original source is in Japanese), Honda is developing a low-cost hybrid vehicle. In 2007, it should be the first in the market in the $10,000 range. This sounds like a great move if the price of gasoline remains hgh.
The questions will be about quality and traveling distance. I hope not to be commuting such a great distance by that time. I also plan to hold on to my current Honda Civic for as long as possible. If I keep it until it dies, its technology will be sorely out of date by that time, if technology progresses the way it has been the last three years. Major new automobile technologies do tend to take along time to become mainstream, so perhaps it won’t be that bad.
The question remains: If it normally makes financial sense to hold onto a vehicle as long as possible, does that still hold true when newer cars are getting 60 to 70 miles per gallon and your old 2004 clunker only makes 30?
Updated December 20, 2011 and originally published February 22, 2006. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.