Will you Save Money Buying a Hybrid Car

Hybrid cars are becoming more and more popular as people eventually realize the importance of leading sustainable lifestyles. Hybrid cars may be good for protecting the environment, but are they friendly with the consumer’s budget as well? To help you better understand; let’s start with the basics.

Hybrid Cars: Overview
Hybrid cars use two or more distinct sources of power to move the vehicle. Usually, these cars refer to the hybrid electric vehicles which combine one or more electric motors with the internal combustion engine.

Because of the increasing prices in fuels plus the pollution that conventional cars emit, the motor industry had developed the hybrid car to address environmental concerns. The unique advantages of hybrid cars have brought this innovation to a market now recognizing them as the “car of the era.” There are a lot of hybrid cars available in the world today and most car manufacturers have announced their plans to begin producing their own versions.

Advantages of Hybrid Cars

  • Hybrid cars combine electrical motor energy with the gas-powered engine. The shortening level of gasoline worldwide was the major drawback of traditional cars which was rectified by electric cars. However, electric cars have their own disadvantages as well. Hybrid cars, on the other hand, are designed to address these issues, balancing the use of gasoline and electrical energy to utilize them in their optimum levels. This in turn produces better and lower emissions.
  • Hybrid cars are at par with the normal gas-powered vehicles in terms of performance—if not, better. Moreover, they are comfortable and reliable as everyday vehicles.
  • Hybrid cars are environmentally friendly with less concentrated carbon dioxide emissions. The increasing number of automobiles has resulted in increased air pollutants, particularly carbon monoxide. Both of these greenhouse gases are known to cause global warming.
  • Hybrid cars help reduce the need for fossil fuels which greatly affects the fuel prices.
  • The batteries do not need charging using external source because of the advanced regenerative braking technology.
  • Special warranties are provided for electric motors, battery packs and other costly items.
  • Certain state governments offer various purchase incentives for hybrid car owners.
  • There is a bright future for hybrid cars because of the rapid development in hybrid technology to improve engine efficiency.

How Do Hybrid Cars Save Money?
Hybrid cars can surely provide you better mileage compared with other vehicles. However, the initial investment is really expensive. So how do hybrid cars save money?

  • Gas Prices. In the recent years, we have observed how gas prices fluctuate wildly and these are basically due to a number of socioeconomic factors. When fuel prices spike to $3 or more per gallon, hybrid car owners appreciate the significant amount of savings they get with their hybrid cars.
  • Tax Incentives. Owners may get a tax incentive for purchasing hybrid cars. When you factor in the refund, the total cost of purchasing the hybrid car is lower then the purchase cost of a comparable model. And because of that, one should be aware that not all hybrid buyers are qualified for the tax incentive. Paying the Alternative Minimum Tax may not allow you to qualify. In addition to that, car companies need to manufacturer at least 60,000 hybrids to be qualified for the federal rebates.
  • Maintenance. Hybrid cars have similar repair and maintenance cost to gas model cars in the first 5 years of ownership. However, their value after 5 years is much higher than conventional cars. Moreover, because hybrid cars are popular nowadays, you can resell them in a decent price as well. On the other hand, with two engines comes greater risk of mechanical malfunction, potential repair costs are something to take into consideration.

The advantages of hybrid cars are versatile since it attributes economical and technical benefits. Aside from the owner, the country has benefited from the energy savings as the oil prices are steeping very high and greatly affects the economy of the country. This advantage is also a benefit to the car owners as government had decided to give tax credits and reductions for purchasing hybrid cars. In additional to the Federal exemption, there are states that provide local tax exemptions, which promote the use of hybrid cars.  Insurance and car retail prices, however, should always be factored into your decision. Both are considerably higher for hybrid cars, and many speculate the difference is not made up in gasoline savings. The environmental benefit is, on the other hand, seemingly undisputable due to the decreased omission frequency.

Hybrid cars are therefore very advantageous in multiple ways, but personal financial status should be taken into consideration as well. It is beneficial not only to you as a car owner or to your family but to the entire community, the nation and the world.

One thought on “Will you Save Money Buying a Hybrid Car

  1. My brother-in-law lives in a community with their own power generation (that is, really cheap electric) my spouse sees living in that community & getting a used 100% electric car as the killer app’ for transportation costs

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