If gas prices have you dreaming of a fuel-efficient car, then you may want to look into buying a hybrid car.
Hybrid-electric cars use 2 power sources instead of one. They have a rechargeable energy storage system (battery powered) and a normal fuel powered engine.
Because hybrid cars essentially have 2 engines, they can run partly on electricity instead of solely on gasoline. This means a hybrid car’s gas miles will be increased 20 to 30 miles per gallon.
Everyone is rushing to trade in their gas-guzzlers for more efficient hybrid cars these days. Khou.com reports “hybrid car sales have jumped along the gulf coast”. This is because “Owning a hybrid car use to be a considered an environmentally friendly thing to do, but for a growing number of people it’s become more of a practicality as well.”
However, you may want to wait awhile before making your hybrid vehicle purchase.
SmartMoney.com suggests that rushing to get a hybrid car right now may not be worth it financially. After all, hybrids are in big demand right now. According to the laws of supply and demand, you may have a hard time getting a hybrid car for a decent price.
Plus, the cost of maintaining a hybrid car can be enormous. After all, if hybrid cars were truly cost-effective, you would think a lot more people would already be driving them, right? Government incentives for buyinig hybrid vehicles are another clue that people may need a little extra convincing to purchase a hybrid car.
According to MSN Money, “Hybrids are an expensive way to save gasoline. If you spend more on a hybrid car than you would have spent otherwise, you are unlikely to ever get your money back — even if you got rid of a gigantic, fuel-sucking SUV. Right now, a cheap compact is a better buy than an expensive hybrid.”
That said, another option may be to find the best of both worlds in a great deal on a used hybrid car.
Still, many Americans seem to be in a frenzy to purchase a hybrid car. The demand is so strong that the government is eliminating the tax credit on the 3 most popular models. “The tax credit on the No. 3-selling Honda Civic hybrid will be cut in half, from $1,050 to $525. It will disappear altogether at the end of the year. The credit on the top-selling Toyota Prius, once $3,150, and that for the No. 2 Toyota Camry hybrid vanished last fall.”
As for myself, I think I’ll wait awhile until hybrid cars become more commonplace and the price drops. It is just a matter of time before hybrid cars become more mainstream — and advanced in design at the same time.
With encouragement such as the $300M prize for developing a hybrid car that Senator John McClain has proposed, it is just a matter of time until everyone is driving a hybrid vehicle of some type.
Image Credit: 13 Green Questions Answered
I have been a certified tightwad since I became pregnant with my first child and decided to find a way to stay home with him. I enjoy sharing my experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.
