This article performs a novel comparison of the life-cycle costs of the series and parallel architectures for plug-in hybrid electric vehicles. Economic viability is defined as having a payback period less than 2 years and number of battery replacements less than or equal to three over a vehicle life of 12 years along-with drivability and gradability constraints. Economic viability is compared for two plug-in hybrid electric vehicle applications (Medium-duty Truck and Transit Bus) using series and parallel architectures over multiple drivecycles, for three economic scenarios (viz. 2020, 2025 and 2030 where the fuel price, battery price and motor price are varied such that latter scenarios are more favorable for hybridization). One battery overnight recharge is assumed. The results demonstrate that by 2020 the plug-in hybrid electric vehicle transit buses are viable for the duty cycles Manhattan, Orange County, and China (Normal and Aggressive). By 2025, plug-in hybrid electric vehicle Class 6 trucks are viable for all duty cycles considered (Pick-up and delivery, Refuse and New York Composite). The parallel architectures generally require less than 50% of the initial cost of the series architecture, due to smaller motor sizes, driving earlier viability for parallel architectures. The transit bus scenarios generally achieve payback sooner than the medium-duty truck due to higher fuel cost savings, driving earlier viability for transit bus applications.