Are Hybrid cars worth the extra money?
Posted on 01. Feb, 2012 by Auto Mack in Cars, Electric Cars, Hybrid Cars, New Cars, Posts
Hybrid automobiles have been available for sale for nearly a decade. When they were first introduced, they were sold as an environmentally friendly solution to people who were worried about how the emissions from their conventional vehicles were impacting the environment. With the rise in gas prices, however, many more people soon became interested in these vehicles in order to save money on their transportation costs. Despite the hype, however, there is a question of whether hybrid automobiles are really saving anyone any money.
On average, hybrid automobiles cost about $3500 more than their traditional engine counterparts. This means
that a hybrid car needs to save at least $3500 over its life than a traditional car. Whether or not they do is a question that involves a lot of variables that can be different for each individual driver. To find an answer, it’s important to know how long the vehicle will last, the gas mileage of the hybrid and its conventional counterpart, and the cost of fuel over the lifespan of the vehicle.
Once this information is known, multiply the cost of a gallon of gas by the number of gallons of fuel each vehicle will use in a year. Then multiply this number by the number of years in the lifespan of the car. Subtract the hybrid total gas cost from the conventional car’s total gas cost. If the resulting number is higher than the difference in cost between the two vehicles, then the consumer can save money by buying the hybrid.
Obviously, it will be necessary to make a few assumptions. For example, assume that the consumer will have the vehicle for eight years, or 100,000 miles. Looking at the stated gas mileage of a car like the Honda Civic, the traditional engine runs at 24 mpg, while the hybrid runs at 40 mpg (the 2011 four cylinder models for city driving are being compared). Next, assume an average price of gasoline of $3 a gallon.
With these assumptions, a traditional Civic will cost $12,500 for fuel, while the hybrid version will cost $7,500. With a $5000 difference in the fuel cost, it makes sense to buy the hybrid. Assume that the consumer chooses to trade in the car after three years or 50,000 miles. In this case, the fuel costs for the conventional vehicle are $6250, while the costs for the hybrid are $3750. In this case, the math would indicate buying the conventional car is a better choice.
To further complicate matters, many consumers report varying gas mileages with their hybrid cars, making it necessary to consider an individual’s driving habits before making these assumptions. Gas costs can also change quickly, and maintenance costs for hybrids are hard to predict.