Is Buying a Hybrid Car Really Worth It?
Over the past decade, the increase in the popularity of hybrid cars has been significant. Some people buy hybrids to be more environmentally friendly while others buy hybrids to save money on fuel, and some buy hybrids for both of these benefits! But lately, there has been lots of debate about whether or not hybrids cars really save you money in the long run. After all, hybrid cars are typically sold for more at dealerships than fully gas-powered cars, but does the savings in fuel make up for the initial price tag? In this article, we’re going to try to figure out if buying a hybrid car can save you money. We’ll compare two different car models that have both hybrid versions and fully gas-powered versions and see what makes the most sense economically.
Comparing Hybrid Cars Vs Fully Gas Powered Cars
In order to get an accurate understanding of the potential savings of buying a hybrid car, we’re going to use a United States Government website that shows the comparison between hybrid model vehicles and gas-powered vehicles. We’ll make sure to convert gallons to litres and miles to kilometres. In our calculation tool, we’re going to assume gas is $1.00 per litre, you drive your vehicle 24,000km per year and 55% of your driving is in the city.
2021 Ford Escape SE Hybrid Vs 2021 Ford Escape SE (Non-Hybrid)
When we compare the Ford Escape SE Hybrid to the Ford Escape SE non-hybrid, we first see a difference in the MSRP. The Hybrid Escape has an MSRP that is $1,234 more than the non-hybrid. The fuel savings of buying the hybrid vehicle equate to $508 per year. So in conclusion, if you chose to buy the hybrid Escape, it would take you 2.4 years for the fuel savings to be worth more than the additional increased MSRP price. In our professional opinion, economically, buying the hybrid version Escape makes much more sense than buying the fully fuel-powered hybrid.
2021 Hyundai Sonata Hybrid Vs 2021 Hyundai Sonata (Non-Hybrid)
Now that we’ve come to the conclusion that buying a hybrid Ford Escape makes more sense than buying a gas-powered Escape, let’s take a look at the two Hyundai Sonata models. First of all, the Hyundai Sonata Hybrid costs $5,085 more than the fully gas-powered hybrid. By buying the hybrid you save approximately $625 annually in fuel costs. So in conclusion, if you chose to buy the Hybrid Sonata, it would take you 8.1 years for the fuel savings to be worth more than the additional MSRP price of buying the hybrid. Obviously, there’s a giant difference in the payoff period between the Ford Escape and Hyundai Sonata models as the Sonata takes nearly 6 more years for the fuel savings to be worth it. In our opinion, the benefit of buying a hybrid Sonata over the fully gas-powered Sonata is minimal so your decision may come down to other factors.
Things to Consider About Hybrid Cars
If you are doing mostly city driving and/or making relatively short trips, then hybrids make tremendous sense for you. Drivers who are using their cars for short trips may not even need to switch over to their gasoline engines. This could have massive cost savings for drivers in these situations. Most experts believe that gasoline prices are only likely to continue rising until the industry transitions off gasoline powered engines. Hybrids and electric vehicles stand as a great buy and investment.
When it comes time to sell your car, you also have an advantage if you opt for a hybrid. Your car will lose its value far more slowly since it is in high demand.
In conclusion, whether buying a hybrid car is worth it or not ultimately comes down to which car you’re deciding to buy. As we showed earlier, there are massive differences in the savings between different model hybrids. While there are other factors you’ll probably consider in the car buying process, economically buying certain hybrid vehicles can make a lot of sense.
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