With so many people being environmentally conscious these days, you might wonder if a hybrid car is cheaper in the grand scheme of things. According to an analysis on NerdWallet, â€œelectric-vehicle drivers can save over $10,000 on car ownership costs over five years, compared with those driving gas automobiles.â€ Thatâ€™s some amazing savings if you opt to drive a hybrid car, but what really makes your dollar go further when looking to buy a hybrid?
â€œAlong with the safety concerns for the environment, some reports show that traditional gas cars are not as safe for their occupants as their hybrid counterparts,â€ according to a recent study from the Highway Loss Data Institute Opens a New Window. If youâ€™re looking to buy a hybrid or wondering just what hybrid offers vs. gasoline powered cars, you can easily compare all of the options on www.cars.com. Many hybrids listed on Cars.com have some spectacular ratings and package options, as well as all the information you want to know about that killer fuel economy that makes the hybrid so attractive. However, in the grand scheme of it, all will you save enough money to make it worth ditching the gasoline powered car?
The Truth About Hybrid Value
While hybrid cars offer superior fuel economy over a traditional car that runs on gasoline, there is more value in owning a hybrid than just fuel economy. For instance, hybrid owners can qualify for cash rebates, state income tax credits, sales tax waivers, utility reductions and many more incentives. For example, California now offers a $2,500 Clean Vehicle Rebate for new Nissan Leafs owners. The only thing about the incentives is: you only get them if you buy your hybrid new. So, if you are looking to buy a used car a traditional car that runs on gas may be more economical in the long run.
Saving Money Through The Life of The Car
Not only do you automatically get great fuel economy and incentives, but there are other financial perks that come with owning a hybrid. Many insurance companies will offer deep discounts for simply owning a hybrid car. Some insurance company will specifically target hybrid car owners with a hybrid car insurance division. Youâ€™ll likely spend less time at the mechanic shop and less money on maintenance if you drive a little slower. The gas engine wonâ€™t turn on eliminating overuse, as well as wear and tear over time. The hybrid will yield the most savings for anyone in a metro or rural area with slower speed limits.
The Truth About The Hybrid Incentives
Most hybrid cars qualify for the $7,500 federal tax credit, which can be pretty enticing when it comes to buying a hybrid vehicle. The only con about the hybrid is the tax credit. You wonâ€™t receive actual money when you purchase a hybrid car. The $7,500 will come as a federal tax credit. If your tax liability doesnâ€™t meet or exceed that $7,500 you will forfeit the remainder of the credit. Also, you donâ€™t qualify for the tax credit if you if you lease a hybrid. Thatâ€™s why people are more drawn to the new and improved technology of the fuel economy of gasoline powered cars.
Feeling Clever? Join our newsletter!
Subscribe to get the latest from "Clever Dude."