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Can Hybrid Cars Really Save You Money?

Category: Cars - May 29, 2008

There has been much to do about why purchasing a hybrid car can both save individuals money on gas costs, and also be very beneficial to the environment. However, there are some experts that aren’t so quick to jump on the hybrid bandwagon. In fact, they suggest, that when you consider the additional costs of a hybrid vehicle and the fact that you would have to drive thousands upon thousands of extra miles to see an actual cost benefit, that perhaps hybrids don’t really save anyone much money at all. These people are beginning to voice doubt about whether hybrid cars are the solution to rising gas prices. The only exception in this debate is the Toyota Prius, which is believed to be comparable in price to conventional cars while providing a little bit of savings.

The best hybrid vehicles are believed to be able to get roughly 40 to 50 miles per gallon, which is better then the average car. However, while they may be able to better utilize gas, the cost of insurance for these types of cars is typically higher than your conventional cars and offsets any advantage. They also are more expensive.

Hybrid cars are believed to help decrease pollutants and carbon dioxide emissions. This may perhaps be their biggest benefit to the consumer and to the world, since their cost savings aren’t that significant.

The very reputable website, Edmunds.com, believes that the price of gas would have to rise to $5.60 or greater per gallon for individuals who own a hybrid to break even when considering their high ticket price and insurance costs. They would also have to drive over 15,000 miles a year for the next five years, before their investment in the car would pay off, or they would break even.

The belief that hybrid cars are better when it comes to cheaper fuel costs, may be a little bit more hype then truth. It seems that the primary benefit has to do with the decreased amount of emissions that the car emits into the air. While this is very important and very valuable, many individuals will choose cost over helping the environment, simply due to affordability. Therefore, it seems that until hybrids are cheaper to purchase, their benefits, will be outweighed by their costs. Their ability to provide better gas mileage is minimal. Therefore, it is doubtful that the average consumer will be able to afford a hybrid because the cost of owning one offsets the savings at the gas pump.

The primary benefit of owning a hybrid seems to be for the environment’s sake. If car manufacturers can provide this technology in cars that are more economically priced, then there would probably be much more demand for these types of cars. However, with a slumping economy and housing market, it is very doubtful that Americans will be lining up and waiting for the next hybrid vehicle. They simply aren’t affordable right now and the tangible benefits of helping the environment can’t be seen as well as an empty bank account.

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