The rise of gas prices have lead car drivers to start making more educated choices in their choices. Hybrids are really seeing a surge in sales due to people looking to keep away from those high prices as much as possible. That popularity is causing many buyers to ask the question, should I buy a hybrid? The San Francisco Chronicle offers advice for these very people.
Hybrids have gained this upswing in sales because it’s thought that they will save money when gas prices rise. The cars SF Chronicle uses to show the difference is the 2012 Honda Civic Sedan and the Civic Hybrid. The Sedan has a price of $15,995 and gets around 28 miles per gallon in the city and 39 on the highway. In comparison, the Civic Hybrid’s price is $24,200 and is 44 miles per gallon in the city and highway. After doing some math based on the average miles driven by someone ages 20-34 (15,098 miles a year) the conclusion shows that the fuel cost is indeed lower on the Hybrid by $455. The problem with that number is that the difference in cost is still $8,205. That means it’ll take 18 years for the buyer to make up the lose.
That doesn’t bode too well for the idea that hybrids save. It’s unrealistic to expect a car to last 18 years. There’s other things to take into account, however. The government used to have tax incentives to encourage purchases of hybrids. This was done more then the idea was new though, and since the car maker has sold more than 60,000 vehicles, that incentive has gone. As of December 31st, 2010, that credit is no longer eligible. There’s one exception however, and that’s the plug-in hybrids. They still offer credit of up to $7,500 but be warned the vehicle tends to be rather pricey.
That brings us to the new generation of the hybrid, the plug in hybrid. While normal hybrids use a combination of a gas engine and electricity, the plug in relies on batteries. While keeping gas out of the equation, they are subject to shorter ranges, only having about 50 to 100 miles in them before needing a recharge. There is a gasoline-powered engine, however, that does take over once the battery is dry. What to keep in mind when thinking of purchasing a plug in to save on gas costs is that they do come with a hefty price tag. The 2012 Chevy Volt for example is $39,145. The tax incentive brings that down to $31,645. The traditional Honda price is half of that.
Hybrids do a good job of making the driver feel good about the environment. In a world that is starting to put the green moniker on everything they can, driving a hybrid gives a sense of aiding to make the world a better and cleaner place. Hybrids certainly are good for the environment, but in the problem of if they are worth the extra cost to cut down on gas prices, they aren’t so good. It’s up the consumer to see if this is a good enough value for themselves, but a hybrid will not save you overall at the pump for the time being.
Wanting to get yourself a new or used hybrid anyway? Don’t worry if you have challenged credit, here at Approved Loan Store, we work with people struggling with bad credit to put them in the car, or hybrid in this case, they want. Go online to fill out the application to see how our staff can help you. To stay current on all the latest news and advice pieces, like us on Facebook and follow us on Twitter.