Hybrid Cars: Do They Really Save Money?

Do hybrid vehicles actually save you cash in the long run? This is a hotly contested discussion in the vehicle world.

Several studies released by Consumer Reports and other review agencies have shown that on average, you do not actually save cash by purchasing a hybrid automobile.

However, most of these studies only take into account the difference between gas mileages. They do not take into account numerous of the other reasons that go into calculating the total cost of ownership.

A new study released by Intellichoice, a vehicle exploration center, shows that hybrid automobiles do indeed save you cash in the long run.

In addition to fuel savings, these are a couple of of the ways that hybrid automobiles save you cash.

Better Value Retention

Have you ever heard the saying that your automobile is worth 30% less the moment you drive it off the lot?

That’s true of every new automobile – except for the hybrid. A hybrid automobile retains its value better than any other type of automobile.

This value retention is true in the first year, additionally as 5 years down the line.

Federal Tax Credits

There are multiple tax credits you can benefit from by driving a hybrid automobile.

These tax credits can range anywhere from $250 to $3,150 depending on the state, the time period and the automobile you’re driving.

Lower Maintenance Costs

Although a hybrid bills more to buy upfront, their maintenance bills are significantly reduce than the average automobile.

According to the Intellichoice report, the cost of the average non-hybrid automobile of a comparable nature to the Prius through a five-year period was $33,305. Conversely, the Prius incurred only $19,897 in bills.

Differences in Financing Options

One big untapped cost to purchasing a automobile is financing. The percent interest you pay on buying your automobile is a notably, notably significant component of the total cost of your buy.

While there are no ongoing singular rates for the Toyota Prius, the Civic Hybrid or other hybrid automobiles, the fact is that financing deals are run many times a year especially for hybrids by most drastic manufacturers.

That signifies that if you wanted to purchase a Toyota Prius and just waited until a 0.9% APR deal came over, you could save a meaningful amount of cash.

Insurance Costs

Insurers in addition take the driving routines of hybrid owners into account. If you own a hybrid, your accident rates are a lot reduce than other types of automobile owners, which in turn lowers your insurance bills.

When you take all the various reasons into account, not just the differences in fuel bills, hybrid vehicles surely do end up saving cash in the long run.

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