Archives – July 18, 2013

How to Save Money by Choosing a Hybrid Car

Currently, there are many different hybrid car models in the United States. These include SUVs, compacts, pickup trucks, and crossovers. For you to save money, you have to choose a hybrid car that is economical. This is done by making a comparison between the initial cost and the savings on fuel.

Initial Price

The basis for making a comparison is the retail price suggested by the car manufacturer. When purchasing, you have to compare the standard model with the hybrid model in terms of cost. For example, a standard model costs $38,375, while a similar model having a hybrid engine costs $43,935. This means that the price of the hybrid model exceeds that of the standard model by $5,560.

Fuel Economy

Every customer or buyer has the expectation of saving gasoline when buying a hybrid car. This is because hybrids partly use electricity. For example, a standard model approximately covers 21 miles per gallon of fuel. The same model with a hybrid engine covers 30 miles per gallon of fuel. Therefore, if you buy a hybrid, you need to keep it for many years so that the savings that you make on gas would compensate for the high initial cost of the car.

Governmental Rebates

People who bought hybrid cars between the year 2005 and 2010 were eligible for approximately $3,400 in terms of governmental tax credits. The credit amount was determined by the number of hybrid sales that an automaker made. If the hybrid sales exceeded 60,000, tax credits were reduced for subsequent buyers by 50%. Later on, the credit was reduced by an additional 25%, until it eventually disappeared. Therefore, if you want to save money when buying hybrids, you should probably wait to purchase your car when the tax credits have been reduced.

Gas Savings

If you want to compute the actual amount of money saved on fuel over a given year, you need to make a comparison between a hybrid car’s operating cost and the cost of operating a standard model. According to a report summary submitted by the Transportation Department in the United Sates, an average American driver would drive for 15,291 miles per year. When you divide this figure by the 21 miles per gallon that a standard model would cover, you get a total of 728 gasoline gallons annually. Using the same formula for the hybrid car, you will realize that you need a total of 218 gasoline gallons per year. From this, it is clear that you can choose to save money by buying a hybrid car and using it for at least eight years.

 

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How to Choose the Right Hybrid Car

Are you thinking of buying a new hybrid car? There are a number of aspects that you need to keep in mind in order to make the right choice.

Price

Price is one of the factors that you need to consider when searching for a new hybrid car. The price of SUVs and hybrid cars range from $19,000 to $49,000. This price range is applicable to base models. The price of a hybrid car will exceed that of a non-hybrid counterpart by three to five thousand dollars. It is therefore important to conduct basic research and make a comparison of all the models available.

Monthly Budget

Before buying a hybrid car, it is important to look carefully at your monthly budget. Although a hybrid car would cost two to five thousand dollars more than a standard car, price should definitely not be considered as a key selling point. Generally, if you have a limited monthly budget, buying a hybrid car may not be a sound decision. If your budget for a car is average, then you should go for a non-hybrid car.

Gas Mileage

In the United States, a standard car is estimated to cover approximately 20.4 miles using a gallon of gasoline. Hybrid cars usually have better mileage compared to the standard non-hybrid cars. The hybrid car that is currently leading in terms of mileage is the Honda Insight. The models using manual transmission have a mileage of approximately 60 mpg and 66 mpg on highways. Those that have automatic transmission have an approximate mileage of 75 mpg.

The second best hybrid car in terms of mileage is the Toyota Prius that has 60 in the city and 51 on the highway. As you may have noticed, mileage in the city is higher than that on the highway. This is because in the city, hybrid cars can operate at low speeds using only battery power. The Honda Civic has a mileage of 46 in city and 51 on highway. Generally, it is evident that a hybrid car can cover long distances using less gas. When choosing a hybrid car, choose the one that suits your needs in terms of mileage

Appearance

Appearance or the physical look is another factor to consider when you want to choose the right hybrid car. You can either choose a hybrid car that is similar to others that you have seen on the roads or be more daring and go for a modern style. Prius and Insight have unique appearances. Therefore, depending on your tastes, go for a hybrid car that suits you.

 

 

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