Whether hybrids are worth the expense or not depends a lot on your usage combined with several other factors. Let’s explore each factor to work out whether a hybrid is the right car for you.
Price
Hybrids tend to cost more than regular cars. One of the reasons is that hybrid cars cost more to build than conventional cars, and manufacturers pass on this cost to the buyers. If you think only about the price, you’re not saving any money by buying a hybrid but actually spending, on average, $4,000 more on one. But then, only considering the purchase price of a hybrid would be incomplete. Let’s take a look at the other factors.
Running Costs and Reliability
Conventional cars and hybrids are equally reliable. But the brake pads on hybrids last longer due to regenerative braking. Insurers also offer discounts to hybrid owners. Standard manufacturer warranties for hybrid powertrains last for 100,000 miles or 10 years. So you end up saving money with a hybrid.
Ownership Savings
Hybrids save time because the fuel lasts longer, and you don’t have to go to the gas station often. Businesses often provide special parking spaces and other perks for hybrids. You may also be allowed in the HOV lane even if you’re alone. You contribute to saving the environment with a smaller carbon footprint. So this is something beyond monetary terms.
Gas Savings
Fluctuating gas prices have caused people to choose cars with better fuel-efficiency. If the price of a gallon is around $2.55 and you drive about 20,000 miles per ear, you could save almost $600 per year with a hybrid. If gas prices rise, you save more. But it also depends on whether you mostly drive in the city or on the highway.
Purchase Incentives
Some dealers may offer a cashback rebate with hybrids. But this depends on makes and models. The government also offers tax credits between $2,500 and $7,500 if you buy a plug-in hybrid or a full EV. Some states also offer tax incentives for plug-in hybrids and EVs. Check if the vehicle you’re interested in qualifies.
Put it all together to see if you save enough money to buy a hybrid.
