When fuel prices were high, buying a hybrid car seemed pretty smart. But, now that gas prices have gone down, can hybrid cars still save you money? Well, it really depends on just how much you drive. For instance, if you drive an average of 15,000 miles per year, it’s likely it will take you years of driving about in your hybrid car to start saving.
Fuel Savings May Not Always Offset the Additional Cost
No matter the type of hybrid car you buy, it’s likely you won’t immediately start saving money on fuel. If you drive a lot, you’ll be able to break even a lot faster. But, if you don’t use your car too often, it may be best to get a gasoline-powered car since it’s unlikely the fuel savings will offset the cost of the car anytime soon.
Cost of Maintenance and Repairs
The biggest benefit of owning a hybrid car is that it doesn’t require as much repair or maintenance – at least until the battery needs to be replaced. Fortunately, this isn’t till the car reaches about 180,000 miles. The downside is that it gets a little expensive to replace the battery. You can expect to spend a few thousand dollars on a new battery.
Hybrids Last Long
A big advantage of owning a hybrid car is that you get a long warranty – much longer than what you get when you buy a traditional car. For instance, the Toyota Prius has an eight-year or 100,000-mile warranty. This means hybrid cars are meant to last a lot longer in comparison to the average gasoline-powered car.
Depreciation Value of Hybrid Vehicles
Hybrid cars depreciate at about the same rate as regular cars. But, since hybrid cars are more expensive and can be more fuel-efficient, they usually sell for a lot. This is great for sellers, but not so much for buyers.
The Bottom Line
The fact remains that owning a hybrid car is more about being environmentally friendly than it is about saving money. If you intend to keep the car for a long time, it’s likely you will save some money. But, don’t buy a hybrid car thinking you’ll be saving a lot of money.
