The ever climbing cost of fuel in today’s volatile marketplace has sent many of us running out to buy a hybrid car in the hopes of saving money. Initially it is easy to believe that buying a new hybrid will save you money, unfortunately you may find that it will take several years to actually save any money. In order to decide if a hybrid is right for you, a careful look at the following is essential.
How Far Do You Drive Monthly?
On average a hybrid vehicle will allow you to go three times farther on a tank of gas. For the sake of this article let’s say that you drive 300 miles a week. With your new hybrid you can travel approximately 900 miles on the same amount of fuel. If a tank of fuel costs you $50 then you will spend $200 a month in your current car or $75 a month in a hybrid. This will amount to a savings of $125 a month on full. The average cost of a hybrid car is $15,000 dollars higher than its’ standard equivalent. That means that it will take you 10 years to make up the difference.
Do You Currently Need A New Vehicle?
If you have a vehicle that works fine; is it beneficial to buy a new hybrid? I am going to have to say no. Based upon the information above, you can see that it will take several years to offset the added expense of buying the hybrid version of a new vehicle. When you take into consideration the expense of purchasing a new vehicle only to save money on fuel, you can see it is not practical. I know that many of you may be thinking; but my current car is a gas guzzler. Purchasing a standard vehicle that gets better gas mileage is a far better choice if you are looking for a return on your investment. In addition, you could opt for something like a used Toyota Camry. This would yield a good increase in gas mileage and allow you to avoid the rapid depreciation of buying a new vehicle.
Is Carpooling an Option?
The desire to save money is very understandable in today’s economy. That being said, using a ride share program could be a great way for you to save money and see the return sooner. The majority of us commute to work 20 days a month and depending on the length of your commute, it could be quite costly. By joining a carpool or similar group you could cut your fuel consumption in half. Since you won’t have to invest in a new vehicle, the savings will be immediate.
Again, it is easy to get wrapped up in the hyped up claims of hybrid car manufacturers and believe that it is the only right choice to save money on transportation. Before you decide if a hybrid is right for you, I highly recommend that you take the time to figure out just how long it will take you to get your money back and consider some better alternatives.