Since their introduction to the market over 20 years ago, with the Toyota Prius, hybrid cars have evolved into:
* More affordable
* More stylish
* More efficient
For these reasons, greater numbers Americans than ever are turning to hybrids. One of the main motives, apart from reducing pollution, is cost efficiency. However, the question is: Does it make more sense for you to purchase a hybrid, or a conventional gas-powered vehicle?
Below, our experts discuss the factors you should consider when making a decision on hybrid or. gas, including:
* Up-front cost
* Fuel savings
* Tax credits
* Environmental effects
No matter what you prefer be sure that you’re covered with a low-cost automobile insurance policy. Let’s get started.
Up-Front Costs of Hybrid Vs. Gas Cars
Is a hybrid more expensive than a gasoline car? The answer is always it depends. In the end, various gas and hybrid automobiles are available at various prices.
Another aspect to take into consideration is the various options available in hybrid and. gasoline cars. For instance, a hybrid more often includes navigation that is worth 500-$1,500 depending on the price. Since base models of hybrids are equipped with more standard features, a loaded up gas model that has comparable features could be priced around the same price as the base hybrid.
Check out this comparison from a side-by-side perspective:
* A 2019, Honda Insight LX (hybrid) costs $22,830 as the base model.
The 2018 Honda Civic Coupe LX (gas ) costs $19,350 for the base model.
This is a difference of less than $3,500. That may not seem like a lot. However, you could recover around that cost in gas savings while you own the car. And, because both models have the same the standard features, adding anything additional to either car won’t alter the cost difference.
Some premium brands – such as Lincoln – offer gasoline and hybrid cars that have virtually no difference in price. Lincoln’s 2019 Lincoln MKZ Hybrid and the 2019 Lincoln MKZ, both with FWD and 4-cylinder engines cost $35,925. In this case the increase in fuel efficiency could make the hybrid vs. gas issue simple to answer.
The bottom line The cost upfront is dependent on what you can afford and the model you’d like. If you can afford a car with the same or similar choices for gasoline and. hybrid vehicles, you’re much more likely to be able to cover the costs.
Compare Fuel Savings with Up-Front Costs
The main question you need to answer in terms of fuel savings is: Will I have the car for long enough to earn back gas savings? You can use calculators and side-by side fuel economy information on fueleconomy.gov to aid in this part of the hybrid and. gas cars equation.
If we go back to our Hondas, the difference in the cost of fuel is this way:
* 2018 Civic average of $1,253 for the year
* 2019 Insight Average of $819 per year
* Fuel savings through Insight Hybrid: Insight Hybrid: Average of $434 annually
That means you’ll have to own the Insight in at least eight years to make up the $3,500 costs.
However, think about this: The Lincoln MKZ and MKZ hybrid models cost the same amount upfront. Consider the savings in fuel on these models:
*2019 Lincoln MKZ average of $1,775 annually
* *1999 Lincoln MKZ Hybrid: Average of $1,039 for the year.
* Fuel savings when using MKZ Hybrid: MKZ Hybrid: On average, $736 annually
These basic calculations aren’t necessarily the end-all and be-all neither. It is important to consider the following factors:
* Daily commute: Hybrids consume more power from the electric motor at lower speeds and in heavy traffic. This means you’ll get much higher mileage out of your hybrid than someone who has to drive the interstate short distances at high speed.
* Weather: If you reside in a hot area and you use your air conditioner on a regular basis it will consume more gas.
* How long you keep the car: If you decide to keep your hybrid for just three years, you could not cover the cost of the initial purchase in the savings you can make on gas. The longer you hold it the more a hybrid makes sense.
The bottom line The bottom line is: what you drive, the location you drive from, how you drive and how long you keep the car are all variables that determine whether you can recover the initial expenses in savings on gas. Be sure to do your calculations prior to you buy.
Think about the Environmental Effects
If you are looking to reduce your carbon footprint as one of your primary reasons for going hybrid then your decision isn’t too difficult.
The new cars and trucks are the top pollutants worldwide. Yes, even worse than the energy industry. In fact, between the years of 2015 and the year 2016 carbon dioxide emissions increased by 2percent. Today, 80 percent of all pollution that is created comes from personal vehicles. It isn’t a secret that gas-powered cars have a lot of problems.
However, hybrid car batteries are dangerous. As they begin to get older, they need to be safe for disposal. Also, there’s the matter of harvesting rare earth metals that are required for the production of batteries. They’re a finite resource much like fossil fuels.
The Solution: Buy any one among the hundreds or thousand used hybrids on the market. Doing so saves:
* On the production of new batteries and car materials
* The initial purchase price
* Depreciation because hybrid vehicles age faster than gasoline-powered vehicles.
Note that if you plan to keep your hybrid for a long time it is likely that you will have to replace the battery.
Do not forget about tax benefits
Many people think of the cost of gas, but forget about the tax credits. There is a chance to save up to $7,500 in tax credits if you purchase a hybrid vehicle!
The amount you can claim as a credit will depend on the type of vehicle that is based on the battery. If you’re looking into cars, you’ll locate the tax credit that comes with the vehicle. There may be additional benefits local to your area.
The Bottom The Bottom Line: Include this in your research when you have settled on a few models and want to get down to the bottom in your analysis of cost.
Fuel and Hybrid Cars Aren’t Your Only Choices
Most car buyers overlook another alternative: diesel cars. Benefits of owning a Diesel vehicle include:
*Longevity of use You can keep a diesel car running for over 200,000 miles.
* Efficiency: A diesel vehicle consumes a lot less fuel than its unleaded gas-powered equivalents.
• Economical: Diesel vehicles are specifically designed for long-distance travel.
* Simple to maintain
In a side-by side road test, diesel models beat hybrid and gas-powered economy vehicles by a margin of up to 12 mpg when driving at high speeds on rural roads. This could give you something to think about.
Select the Car that best suits Your Needs, and then Choose the right insurance for your Car
Finding the best car insurance policy can be just as overwhelming as choosing the best car.
The majority of financial experts suggest to shop around for the best rates and coverage. An independent agent can make things much simpler by conducting the comparison shopping for you.
Independent agents within our network are able to work with a variety of insurance companies to find the coverage you need for the most affordable price. The greatest benefit is that they live near by, within your area of residence. They are aware of the needs of drivers in the area.
Find an agent close to you to customize coverage for your hybrid or gas vehicle.
