This is my only complaint with my second generation Sequoia:
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That's about as bad as the mpg gets for me. That was all from short trips in town when it's cold and letting the truck warm up at times. The new hybrid will be so much better in those conditions, maybe even double the mpg. The mpg numbers are not out yet for the hybrid Tundra, but seems like 23 mpg combined for the hybrid Tundra and Sequoia is within reach given the F150 with a similar drivetrain they are targeting:
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So, hypothetically, I could increase my mileage from 14 combined to 23 combined. Fuel economy increases don't get more compelling with a new generation vehicle, and they have me interested.
Here's the thing, though. I don't drive my Sequoia much.
I've owned my Sequoia for two and a half years and only put 16,000 miles on it. Most of those miles are from Denver to Copper/A-basin/MJ and back, plus a bit of hauling lots of people or driving when there is snow on the roads in Denver like the last week. I much prefer driving my sport sedan for both fun and a bit better economy (not as big of a difference as you'd think accounting for a hefty right foot and premium gas in my car and hypermiling the Sequoia).
Here's my math:
Second-gen Sequoia: 16,000 miles / 14 mpg = 1143 gal x $3.00/gal = $3429
Third-gen Sequoia: 16.000 miles / 23 mpg = 696 gal x $3.00/gal = $2086
So the new hybrid Sequoia will save me $1350 in fuel over 2.5 years or $537/year. Given the cost of depreciation and insurance of a new Sequoia vs. my 2012, no way that makes sense for me. If I was driving it 16,000 miles per year, ($1350 x 10 years = $13,500) it starts to get interesting, but still doesn't come close to paying for a new truck over an old one.
Even with the enormous fuel economy improvements, buying a new hybrid Sequoia won't make sense for most existing owners. Of course, that won't stop anybody! There will be LOTS of current owners upgrading to the new Sequoia, probably at a rate only constrained by production capacity.
So, for anyone looking for a fantastic, reliable, and capable ski vehicle to haul a ton of stuff, there will likely be a lot of Sequoia turnover in the next couple of years. So consider a second-gen if you don't have a compelling reason to pay up for the improved mileage.