It's been awhile now (12 years on the market, 8 in the U.S.), and there are some surprises that go with the Prius (and should hold true for Camry Hybrid, Highlander, and most of the others). First, the reliability has really been good, despite a lot of software development and the attendant reprogramming; certainly to be expected when running down a new path. Great warranty, anyway, so the customer cost is very low.
The folks who are really getting the benefit are the ones who normally run their cars 5 years or more, and put over 200,000-300,000 on them. There are a lot of commuter Prius that are beyond those numbers. So how do they compare to a $20K commuter sedan? Here's the real world, NOT EVEN accounting for better gas mileage in traffic. We're going to call your comparable car "Standard":
1. Standard with modern non-asbestos brakes - average 4-5 brake jobs in 200-300K miles (talking stop and go traffic here, friends...since that's where I live). Figure about $750-1000 in repair costs. Take out a set of rotors and the cost is much higher.
---Prius= never wears out the brakes. Period. I've seen one customer abuse that wiped them out in the first two months (driving with one foot hard on the brake, and the other hard on the throttle---not sure what the regeneration theory was with that!) I've seen Prius with over 400k miles on the ORIGINAL brakes, all the way around.
2. Standard with front wheel drive - at least one set of CV shafts (front axles). They get hammered on every shift, especially while turning. At 300K they may be ready for the second set. Customer pay will be about $500-800.
---Prius= never. Zero repairs. Computer controlled power application and no shifting. Prius will turn sharper than about anything, because they can get away with it. They KNOW you'll never hammer the CV joints, because the computer won't let you.
3. Standard with automatic trans - Yes, you'll probably get the $3000-4000 estimate one day. That'll be when you bail, ready or not. 200K on an automatic is good service, but it will wear out eventually.
---Prius= no transmission. No torque convertor, no clutches, no hydraulics, no leaking cooler or lines, no valve body/filter replacements. They just keep going; after all...it's just a pair of permanent magnet 3-phase AC motors on a single big planetary.
4. Standard with starter and alternator - let's hope only one of each, at about $400-500 apiece these days.
---Prius= no starter and no alternator. If the permanent magnet AC motor (which is both generator and starter) is working well at 20K miles, it'll probably be working well at 250K miles. 3-phase AC motors are not very trouble prone (on the big earthmoving equipment they WELD them on, so they don't worry about loose or broken bolts!)
5. Standard with hydraulic power steering (rack and pinion) - somewhere along the line the rack end seals wear out, the boots fill with oil, and the mess under the hood adds damaged motor mounts and bushings to the bill. I spent over $1200 fixing one of my high mileage cars.
----Prius= electric power steering, means no hydraulic leaks or attendant collateral damage. Yes, there was a campaign on the early design...not because of the design; the fix has worked great. The newest units have the electrics inside the car, protected from weather, heat, etc.
6. Standard with Air Conditioning compressor - yes, it is not cheap to replace. Typically starting and stopping with a magnetic clutch. Many will get by with just a new clutch in 200-300K miles. Another $400+ repair bill.
---Prius= self contained electric compressor, similar to your refrigerator. Of course, you're not likely to rear end somebody in traffic with your refrigerator...you can take out an A/C compressor that way. Otherwise, who knows how long they'll last?
7. Prius front tire wear = a little worse than Standard, with the same driver. Most noticeable in the early months of ownership. When you're off the throttle and turning hard, the regeneration will eat a little more rubber. Most owners get the hang of it, and don't have a problem as time goes on.
8. Prius diagnostic and repair= can be tough after a crash. The on-board diagnostics is very good, but I get hooped once in a while and really get to scratching my head. Like anything else that's new, we learn from experience.
9. Standard at trade-in or resale - 200-300K miles it's pretty much a "bottom feeder". It's served well, and time to get out of the commuter wars. It won't bring much, and we all know it.
---Prius= Buyers are still jumping on them, even at high mileage. Only time will tell how that will work out; they're bound to wear out eventually. There have been a few batteries going away, but they sure seem to be going further than predicted. Hopefully the price will keep coming down (which has been slowly happening).
10. Standard catalytic convertor- even odds you'll get to buy one in all those miles. That's how it goes, because the cat has to be sized small enough to fast light and still last up to 100K. Cats are getting spendy, due to the precious metals.
---Prius= higher cat capacity and less possiblilty of damage (it's even warrented longer). I haven't seen any go bad, yet.
Keep in mind, my experience is only with the mild weather here in SoCal. I think part of the reason they do well are the buyers. People that beat up a car are not typical hybrid buyers. The people that run security patrols ABSOLUTELY swear by the Prius. It is the most profitable vehicle they've ever used. When you tell them they need a new $4000 HV battery at 300-400K miles, they don't even blink...."fix it up, and call me as soon as it's ready!" For most of them, it's the first bill they ever paid. This car is NOT profitable for a Service Department, compared to conventional vehicles....the customers aren't spending much money.
And last; about that gas mileage stuff. You may get better specific mileage under controlled (higher speed) testing with a few other cars. NOTHING will give better mileage in stop and go daily commuting, or running around town. Anybody who tells you they can get 43-45 mpg running around the shopping malls on Saturday (in something besides a Prius, Insight, or Civic) is full of it. Prius gets over 40 MPG so often it's boring. Oh, by the way....you never have to get a smog check. You just drive by the referee with your registration, he certifies that it is, indeed, a hybrid and the warning lights aren't ON, and you get your tags.
Thanks for suffering through my long post. As you can see, it turns out there was more to the story than any of us ever expected.
One last thought; regarding the concern about the high voltage risks....I've not heard of anybody hurt. The system uses a very efficient Safety Main Relay multi-stage function, similar to designs that have been successful in Diesel-Electric locomotives for about 60 years or more; never a welded relay. In the course of my duty, I've attended to crashed Prius. Shut down and securing the system has not been a problem.
Regards, JimL