Hybrids to pay for themselves in a few years, study says

Hybrids to pay for themselves in a few years, study says


Hybrid vehicles are generally more expensive than their petrol-only counterparts. That is because it’s still more expensive to make such a vehicle than it is to crank out cars the way they’ve always been cranked out. However, a recent fuel economy study claims that hybrids will eventually pay for themselves at least one time over.

First and foremost, there’s the monetary savings on gasoline. Gas prices are at an all-time high and show no signs of going down anytime soon. Even if prices go down a nickel or two, they will still be at a relative all-time high and a price increase will no doubt follow. The less gas you have to buy to put in your car, the more money you’ll have in your pocket.

The study, done by Edmunds.com, predicted that a hybrid that was driven 15,000 miles a year when gas prices were steady at US$3 a gallon would break even within three to six years, depending on the model of hybrid. If you’re looking to lease, then you might not appreciate that savings; hybrid buyers, however, will be able to enjoy such a benefit.

Another incentive for buying a hybrid vehicle is a federal tax credit. The U.S. Government offers such credits for a limited time. That time is not yet at an end and is dependent on sales of hybrids.

In the U.S., hybrids are just one percent of new car sales, Edmunds says. That number is expected to grow, though, perhaps even spike in the coming years. The higher the demand, the higher the supply and the lower the sticker price will be. Then, a hybrid will pay for itself even faster.