Hybrid cars are a money-saver for consumers. It has been advertised as such, and thus many users buy it for that reason. Do hybrid cars actually save you money?
Before we do that, we must understand why hybrid cars are money savers. It uses less gas to go the same distance. Gas fluctuates from expensive to inexpensive, so that’s more money in your pocket. Regular cars use more gas to go the same distance and therefore labeled as “gas guzzlers.” These gas-guzzling vehicles contribute to pollution while hybrid cars preserve the air.
Reverting to the question, the answer is yes. Hybrid cars save consumers money. The real question to ask is at what cost. Consider the following.
- The price of buying a hybrid. Hybrid cars cost more than regular cars, yet it drives farther using the same tank of gasoline. Hybrid cars also offer tax incentives and rebates to offset their higher cost.
- How often you ride. The phrase “save 10 gallons of gas” for many people means saving 10 gallons of gas right now. Unfortunately, the 10 gallons of gas savings don’t happen immediately. It depends on vehicle use. People who use their cars a lot will see the savings more than people who use the car for work and run errands. In fact, it may take between 7-10 years before reaching a break-even point.
- Car ownership. The first three to five years is about paying monthly payments to the auto dealership. After paying the debt, the automobile is yours. The average driver trades their vehicle in for another one in six years. For casual drivers that is not enough time to start saving on mileage. The average savings start between 7-10 years.
- The type of hybrid car purchased. There are two ways to save: an affordable new hybrid car or a used hybrid car. Both cars are easy on the wallet during purchase and gas mileage. The right hybrid car starts saving in as little as two years. However, it is up to the consumer to shop around.
- The consumer. Environmentally friendly people are going to buy the car because it saves the environment. Budget conscious people will buy a hybrid because it is a money-saver. What is your reason for buying a hybrid?
After reviewing the considerations, is it still worth buying? The only person that knows the answer is you. However, we can assist in further detail. For more information on cars, contact us.