Pros and Cons of Buying a Hybrid:
Should You Buy A Hybrid Car?
To buy or not to buy, that is the question...
Up until the prices of hybrids came down - as they have done in 2011, the answer was pretty cut 'n dry: You wouldn't really make up the additional cost of buying a hybrid in fuel savings.
So your decision to buy a hybrid car or not was based solely on your concern for the planet's health and the health of the living organisms on it. You were a "tree hugger."
Or maybe you simply had an appreciation of the unique technology and driving characteristics of hybrids; you were a "gadget freak." (like myself ;)
But now, there's some real cash to be saved. Example: You drive a gas guzzling Chevy Tahoe as your 'daily driver.' But you want to park it until needed and use your Honda Prius (for example) as your daily driver.
...This is, by the way, exactly what my wife and I recently did.
Anyway, here is what happened to our fuel bill: It went from $534 per month to $110 per month (we put in lots of miles every month).
This savings alone is equal to a car payment.
Check out these other important financial considerations:
Some Other Financial Reasons to Buy a Hybrid Car
1. Insurers typically offer a 5% reduction in premiums for hybrid owners.
2. Even though some hybrids don't offer huge increases in mpg over small, gas-only cars (such as the Honda civic all-gas model), the range of the Honda Prius exceeds 500 miles to the tank of gas. So you are saving fuel stops, not to mention time. This saves you money.
3. Repair costs of the new hybrids are turning out to be lower because of the long warranties---80,000 miles on the low end up to 150,000 miles on the upper end.
Most of the hybrid-specific components are out-lasting the gasoline engine parts. Little items such as THE ENGINE! Yes, the gas engine in a hybrid does not have to get the vehicle from a standing start to 30 mph. This is where most of the wear 'n tear happens to a gas motor.
...The electric motor in a hybrid, on the other hand, does not even break a sweat getting the vehicle from zero to thirty; it will last virtualy forever doing this.
So your gas engine will go a minimum of 300,000 miles in the hybrid with no problems whatsoever.
Now for the brakes:
They will last virtually 'forever,' for the reason that they don't have to stop the car most of the time: The generator is engaged when you step on the brake pedal - instead of the brake pads being pressed on the wheel rotor to stop the car. The generator captures the energy of stopping the car and sends this energy to the batteries.
...Then the batteries take this energy and use it to get the car back up to about 30 mph when you get going again. So the brakes are barely used and last a looooong time.
...This saves you money and time (Time from not having to take your precious time to get your brakes serviced.)
So you see, if you considered only the raw gasoline cost savings, you're missing the big picture.
Related to this question: If you need to replace your old car anyway, what type of car do you need? Do you need an SUV, are you a 'soccer Mom' or do you need a van? Because there are SUV hybrids now.
The new hybrids are getting cheaper, too:
The new Toyota Prius -- the epitome of hybrid technology -- sells for $21,725. My wife and I bought our Prius from a dealer who had dozens from a car rental agency. It had 30,010 miles on it and we paid $15,000 for it. It is basically brand new. Our payments are $410/month for the length of a loan we got.
The Honda Civic hybrid and the Toyota Prius were the only hybrids tested by Consumer Reports in their 2010 survey that actually paid their owners back in gas money saved. But it's the other areas that adds up to real savings. And don't forget the owner satisfaction survey: 96% of all hybrid owners in 2011--regardless of make & model--said they would enthusiastically buy another!!
But let's look a little more into detail of just what you can expect from Uncle Sam when you make the decision to "go hybrid." ....
Next page: Federal Tax Credit for Hybrid Cars
| 
