Several details need understanding before you can decide that a hybrid will save you money. A lot depends on your driving situation, the number of miles you drive, and the fuel prices in your area. Let’s consider all the factors that can work out if hybrids are the right option for you.
Price
Hybrids usually cost more than conventional cars by about $4,650. This is because hybrids cost more to build. If you consider this point alone, then you’re not saving any money. But, this is just one part of the entire picture. Let’s consider others.
Reliability
Hybrids and conventional cars have, on average, the same levels of reliability. But, hybrids use regenerative braking that reduces brake pad wear. Gasoline cars will need replacement brake pads more often than hybrids. Insurance companies also offer discounts to those that drive hybrids. The batteries in hybrids are also built to last. Manufacturers offer 100,000 mile or 10-year warranties on them. They wouldn’t do that if they expected the batteries to fail.
Ownership Savings
With a hybrid, you save time by making fewer trips to the gas station. Some businesses and organizations offer special parking spaces and other perks for hybrids. Even if you don’t carpool, you’re allowed to drive in the HOV lane if you drive a hybrid. This saves you time and helps avoid traffic-induced stress. These are a little subjective, and you can’t put a monetary value on these things. But they help improve your quality of life. And that should make buying a hybrid worth it.
Gas Savings
Hybrids can offer some relief from the stress of fluctuating gas prices. They consume less gas and, therefore, help you save money on fuel. But this also depends on the number of miles you drive. If you drive about 20,000 miles per year, and the price of gas is $2.55 per gallon, and your car returns an average of 29 miles per gallon, then you spend about $1,759 per year on gas. An equivalent hybrid will return an average of 43 miles per gallon, taking your annual fuel costs to $1,186, helping you save about $600 on gas.