Are Hybrid Cars for the Frugal?
I dream of owning a hybrid car someday. For fuel economy, for the environment, and just for coolness’ sake. With gas prices what they are, it’s tempting to think that maybe it is time to trade in the old car and get one of these babies. But if Eric Ruth of the Delaware Online News Journal were to have the final say, no one should buy a hybrid just to save money.
First, there’s the question of fuel economy. If you were to switch from a gas-guzzling SUV to a hybrid Honda Civic, then you may see some savings in yearly gas money. But consider the loss in utility and performance before you take the big leap, according to Philip Reed of Edmunds.com.
There’s also the cost of upkeep and steep depreciation for these high-tech cars compared to traditionally-powered vehicles. And though you may get some tax breaks, it may not be the full credit.
Today’s hybrids are vastly improved over early models, and remain a great choice for environmental reasons, but still don’t boast enough of an economic advantage to stand up as a wise investment, experts say. Once drivers factor in the higher initial purchase price and steep depreciation, their new gas-sipper may actually cost them more to operate over the life of the vehicle than a traditionally powered car.
“There is absolutely no reason to buy a hybrid for economic reasons,” said Terry Jackson, automotive writer for the consumer site Bankrate.com.
But hybrid owners can boast a clear advantage over the owners of traditional cars in a couple of aspects — their warranties and their environmental impact.
If you want to buy a hybrid car to save money, do a little math first to make sure the numbers are going to be good for you in the long run. Otherwise, just chalk it up to doing the environment a good deed, and enjoy your little green car.
More resources for car-buying:
Edmunds.com to check the “true market value” of any car you’re considering
Bankrate.com for buying tips
FuelEconomy.gov to find the top cars in fuel efficiency
greenhybrid.com for news and discussions on hybrid cars
Tags: hybrid cars, fuel efficiency, buying cars
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POSTED IN: Frugal Living, Product News and Reviews
4 opinions for Are Hybrid Cars for the Frugal?
Keeping the Castle » Two-Wheeled Commuting for a Frugal Life
May 24, 2006 at 1:40 pm
[…] So we talked about cars yesterday, and whether hybrids are the way to go to save money. Well, there is a way to really cut down on gas money… cut down from four wheels to two. Yup, some people are finding that the high gas prices warrant a re-think in the way they travel. […]
Auto Parts Resources
Jun 1, 2006 at 12:41 am
Hybrids Are Okay BUT……
According to Dapena hybrids may save you gas, but save you money they won’t. To prove his point he cites a simple calculation from their partner Edmunds.com as follows:…
Wenchypoo
Jun 5, 2006 at 9:42 am
I strongly advise you to do your homework when it comes to deciding which “hybrid” vehicle to buy, and when–the technology right now is merely, in my opinion, a flash in the oil-starving pan. E-85 ethanol has been proven to corrode all but the flex-fuel engines, ethanol in general is suffering from an infrastructure lack for decent disrtribution, and only the farmers and politicians are winners in this game. Ethanol is a means to get farmers off the subsidy wagon and onto the tax credit wagon.
This whole biofuels game is a “feel-good” maneuver for the liberal elite, and they’re trying like hell to cram it down pur throats, even though we may not make hudreds of thousands a year to pay for it! I wish they’d take economies of scale into account just once in their pathetic lives, instead of pushing “my way or the highway” into political venues.
I’m personally taking the long view and looking for a diesel-powered car (for better average mileage and for easy conversion to biodiesel in the future), because that seems to make the most sense out of all the current options on the oil-sparing landscape. Something much better may come along later, but for now, I’m holding aces for a diesel-powered car with a TDI engine for later bio conversion.
The only other suggestion I can make is a horse…or maybe a bicycle. :)
Maricar
Jun 6, 2006 at 7:06 pm
Looks like you’ve done your research. Thanks for sharing your thoughts! A bicycle is definitely a good option, as I wrote about here.
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