When hybrid cars first hit the market, they were all the rage – remember that this was during a time when it seemed like fuel costs would not stop increasing. But, now that gas prices have become so much more affordable, it’s natural to wonder whether the cost of buying a hybrid is worth the long-term savings and environmental benefits. Read on to know whether hybrid cars are still worth it.
Fuel Savings May Not Offset the Additional Cost
Many people buy hybrid cars assuming they will save a lot of money on fuel. The thing is, no matter which hybrid vehicle you purchase, you’re not actually going to start saving money on fuel instantly, especially if you only drive about 15,000 miles per year (which is the average). It often takes years for you to actually start saving.
Consider the Cost of Maintenance and Insurance
Fortunately, hybrid cars require very little repair and maintenance over the years, unlike gasoline-powered vehicles. But, you will likely have to change the battery which will cost you a couple of thousand dollars. However, you only need to worry about battery replacements once you’ve touched around 180,000 miles. Another thing that you should consider is the cost of insurance. Buying an expensive hybrid car could increase your insurance rates, so keep that in mind when choosing your car.
Hybrids Last Long
The best part about hybrid cars is that they come with longer warranties in comparison to conventional cars. For instance, the Prius comes with a 100,000-mile or eight-year warranty (more in some states). This means a hybrid car is built to last a lot longer than your typical car.
Cost of Depreciation
The depreciation rate of hybrid cars is about the same as other cars. But, since hybrid cars usually cost more and they’re quite fuel-efficient, they will likely sell for more in comparison to a gas-powered car. This is good news for the seller, but not for used hybrid car buyers. So, if you are looking to buy a hybrid car, it’s best if you pay a little more for a new hybrid car (if you can afford it, of course).
Owning a hybrid car today is more about being environmentally friendly than it is about savings. So, keep these factors in mind when deciding whether you should buy a hybrid car next.