The first problem with the Prius is that it isn't just a car. When the engineers at Toyota began working on a hybrid, their course was probably very clear: they wanted to make a relatively inexpensive, moderately attractive piece of machinery that would go reasonably fast while sipping gas as carefully as Joe Lieberman's poison taster. Maybe they imagined that their car would gain a little cachet in the crunchy granola set, but their primary goal was to create affordable, moderately green transportation. They succeeded, of course, and produced a fine little car that does everything they wanted.

Then the marketing people got their greasy little hands on the Prius and everything went to hell.

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If your primary interest is in saving gasoline, the Prius is an outstanding bet. The 2008 model gets 48 mpg in the city and 45 mpg on the highway, making it the most fuel efficient car available in the US, according the EPA. Unfortunately, however, all of this fuel efficiency comes at a considerable cost: the price of a current Prius hovers somewhere in the $25,000 range, pushing it out of the range of many consumers. By comparison, a used 1990's Geo Metro gets 38 mpg in the city and 45 mpg on the highway, yet starts in the $2,000 range. For a fully refurbished model, purchasers can expect to pay $4,000-$5,000.

Of course, a used Geo just isn't all that sexy, which brings us to the heart of the Prius matter. While Toyota's wonder machine is great for saving gas, it's even better for improving one's social position. After all, there aren't a lot of cars that convey its mix of environmental awareness, sexy technology and trendy thriftiness. Admittedly, with the high cost of gas, a Prius will become a profitable purchase far earlier than comparable models, but that assumes that you are among the few people who are both willing and able to shell out $25,000 for a new car this year.

When they were first introduced, the only hybrid cars on the market were Toyotas and Hondas -- small, practical cars that were admittedly a little funny-looking. These vehicles were much more about economy than style. Luxury automakers were slow to jump on the hybrid bandwagon, as their target customers have not generally been too concerned with the cost of fuel.

Times have changed, though, and rising fuel costs are affecting even the wealthiest sectors of the population. Environmental concerns are growing, too, and hybrid cars are in very high demand. In June 2009, Mercedes will begin selling its first hybrid -- a large car that balances fuel economy with sexiness.

At 30 miles per gallon, the new model will approximately double the mileage of the non-hybrid luxury S-class sedan, but it's still no 60mpg Prius. Mercedes execs argue that this large car is more practical for their customers, with plenty of space to pack for vacations. There's no official price tag just yet, but Mercedes Marketing Director Klaus Maier estimates a premium of less than €10,000, or $14,000. That would put the total price in the neighborhood of $100,000 - $160,000, depending on options.

I've never really been a status symbol kind of guy. I usually shop at discount stores, wear cheap sneakers and, until my wife started openly mocking me, used to buy Wrangler jeans. I would argue that I have my own distinctive style. Others might refer to it as "charity chic."

This goes double when it comes to cars. Historically, my rides have tended to display a certain flair, a certain je ne sais freaking quoi, a certain verve.

Of course, others might refer to this elusive quality as "rust."

That having been said, I loved my 20 year old Mercedes, my 15 year old Mustang and my ten year old Cadillac Seville, even as I squeezed the last few miles from each of their engines. If people weren't impressed with the amazing awesomeness of my rides...well, let's just say that cool is a state of mind; some have it and some don't. I never really understood the idea of buying a ridiculously expensive car that looks like pretty much every other ridiculously expensive car. Hummers? Give me a break--why not just buy a surplus tank? BMWs? Save the money and take her to a nice restaurant!

My idiosyncracies aside, prestige automobiles are a very real trend and the cars that people drive often say a great deal about who they are, or at least who they think they are. However, now that gas is starting to rival single-malt scotch in terms of price, people who have used Hummers, Ferraris and Bentleys to overcompensate are finding themselves generating more sneers and fewer smiles. Under these circumstances, a very strange trend has developed. The latest prestige rides are hybrids. In fact, the demand for hybrids has reached such a level that the waiting list for a Camry hybrid in Long Island is six to eight weeks. In New York City, the wait for a Toyota Prius is two to four months.

I remember getting really excited when Geo first started producing cars in 1989. Quite apart from the fact that Geo was one of the first new lines that General Motors had put out in years, there was something about the cars themselves. They were reasonably well constructed, had cute styling, and got great mileage.

My Uncle Merle got one for my cousin Meghan, and I remember not being able to stop staring at it. Unfortunately, my father had some (justifiable) concerns about my driving skills and wanted me in a car with lots of heavy metal. He slammed the door on Meghan's car, tapped the fender, and declared it "tinny." I know that that was the death knell, and that I wouldn't be driving a hot little Geo any time soon.

(On the bright side, I ended up getting a 1983 Cadillac Seville from a police auction. I liked the classic styling and the fact that I could put fifteen friends in the car, while my father liked the fact that it weighed a ton and was built like a panzer. I put in a sweet sound system and rode the thing into the ground. In fact, it was the first car that I didn't total).

Statistics released by an automotive marketing and research company show that registrations of hybrid cars in the U.S. were up 38% in 2007. There are still a relatively small number of hybrids on the road... only about 350,000, or just over 2% of all cars on the road. But as gas prices soar, the likelihood of these numbers growing is great.

The research company says that more hybrid cars aren't on the road because of gas prices, but because of the number of brands introducing their versions of the hybrid. Car companies have come out with hybrid models of the Nissan Altima, Saturn Aura, Lexus LS600h, Chevrolet Tahoe, and GMC Yukon. So now, consumers who were initially considering buying the traditional version of those cars are believed to be crossing over into hybrid land because the choice is finally available to them in the make and model of car that they prefer.

I think one of the drawbacks to early hybrid autos were the small sizes. For a single person or a couple with no children, the small hybrids like the Toyota Prius might be fine. But for families, a small car like that isn't practical. That's why offering a hybrid version of mainstream vehicles makes so much sense.

With today's gas prices around $3.69 locally, I will say that a hybrid is looking more appealing to me. I live very close to work, so I don't really need to worry too much about gas mileage, but it's nice to know that these options are out there.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.