Everyone’s driving situation is different. To figure out whether a hybrid can save you money, you need to consider the bigger picture. Here are a few things you should consider if you want to buy a hybrid.
Price
Hybrids tend to cost about $4500 more than conventional cars. This is because they cost more to develop and build. If you only consider the purchase price, then you’re not saving money with a hybrid. But, this is just one part of the things you need to consider.
Running Costs
If you compare the same make and model of a car that’s available as a hybrid and a conventional vehicle, there shouldn’t be any difference in their reliability levels. So maintaining both should cost about the same. But, hybrid cars use regenerative braking to charge their batteries. This means that their brake pads last much longer than those on a conventional vehicle. Hybrid cars are also cheaper to insure than conventional cars because insurance companies often offer discounts. Batteries in hybrid cars are also built to last 100,000 miles or ten years. If the battery does degrade and need to be replaced, it will likely be covered by the warranty. If it’s not, a new one can cost about $5,000.
Savings
If you drive a hybrid, you’ll be buying less fuel. This means money and time saved at gas stations. Some businesses and organizations even offer special perks and parking spaces for hybrid cars. Even if you’re alone, you have access to the HOV lane that saves time and money and reduces stress. You’re also contributing to saving the environment.
Gas
If you drive about 20,000 miles each year, you can expect a standard gasoline-powered car to give a combined 29 miles per gallon. A hybrid version of the same car can be expected to deliver a combined 43 miles per gallon. If you assume the average gas price to be $2.55 per gallon, that means you save almost $600 per year.
Incentives
Dealers often offer cash rebates on hybrid vehicles. You may also get a tax credit from the government or federal credit for your hybrid car purchase. Some states also offer a tax incentive.
