Let’s explore hybrid vehicles! What are they? How much do they cost? What are the pros and cons? Is a hybrid vehicle right for you?
What Are Hybrid Vehicles?
Hybrid vehicles are cars, trucks and SUV’s that combine at least two forms of power to make it move. There’s usually a battery-powered electric motor as well as a gasoline or diesel powered engine.
Both forms of power work together to provide energy-efficient transportation while lowering CO2 emissions. Also, hybrid vehicles are less noisy and have lower operating costs than conventional vehicles.
Main Types Of Hybrid Vehicles:
- Full Hybrid: A full hybrid vehicle runs on a gas or diesel engine, a battery-powered electric motor or a combination of both. It’s recharged or refueled by adding gas or diesel to it. Also, the battery from the electric motor is recharged while you drive the vehicle.
- Mild Hybrid: A mild hybrid vehicle has a gas engine and electric motor that always work together. The electric motor cannot power the vehicle on its own. Also, it’s only used to support the gas engine during acceleration and cruising.
- Plug-In Hybrid: A plug-in hybrid vehicle is plugged into an electric charging station in order to recharge the battery. Also the battery is recharged when you switch to the gas powered engine.
How Much Do They Cost?
Let’s explore how much it costs to either buy or lease a hybrid vehicle!
If you’ve considered buying a hybrid vehicle, just remember that it costs more than a conventional gas powered one.
The typical cost of a hybrid vehicle is 20% more than a conventional gas powered one, which is a higher upfront cost. However, in the long run most hybrids save you money.
As the cost of gasoline and diesel go up, and the overall cost of living goes up, investing in a hybrid vehicle is not a bad idea. Owning one will save you money on gas in the long run, even when gas prices are low.
The maintenance costs of a hybrid vehicle are no different than a conventional one. However, after 80,000 to 100,000 miles, you might have to replace the battery system, which can cost from as little as $1,500 or as much as $6,000 depending on the vehicle.
Many people decide to lease their hybrid vehicles instead of buying them. One good reason to do so is to take advantage of subsidized lease rates offered by automakers, which results in lower costs. Also, leasing your hybrid vehicle means lower monthly payments than if you financed it.
Leasing your hybrid vehicle has the added benefit of avoiding the expense that comes with replacing the battery system when it needs replacing.
Here’s a related post: “How To Shift Your Money Mindset”
Is Getting A Hybrid Vehicle Right For You?!
Let’s explore if getting a hybrid vehicle is right for you!
Start by asking yourself how it will serve you?
Let’s say you still have to commute because you don’t have a work from home job. Also, you live in a place that doesn’t have very good public transportation. As a result, you still have to drive and spend money on increasingly expensive gas.
As of May 31, 2022, the average price of gas in the US is $4.619 a gallon. It’s going to keep going up and you’ve wondered what your next move will be.
Fuel-Efficient Conventional Vehicle
Conventional vehicles that rely on gas powered internal combustion engines have been around for more than a century. They offer a familiar driving experience as well as being easy to use.
Gas-powered vehicles are not only easy to use but also easy to fill up. Also, they have a driving range that’s practical for long-haul road trips. Over the years, the fuel-efficiency of gas-powered vehicles has improved a lot.
However, despite the lower upfront costs to get a conventional vehicle, the cost of ownership goes up overtime. As the price of gas continues to climb, gas-powered vehicles get more expensive to operate.
Over the long-term, conventional vehicles are being phased out because of environmental concerns.
The amount of crude oil being refined into gasoline in the US has been declining overtime. For many years, the difference was made up by refining crude oil overseas and shipping the gasoline to the US.
Current geopolitical affairs and the movement to go green is affecting refining capacity abroad as well. As a result, hybrids and electric vehicles might keep growing in popularity.
One solution to high gas prices might be to get an electric vehicle (EV).
An electric vehicle can save you money in the long-term, you can reduce your environmental impact as well as take advantage of tax credits.
However, electric vehicles have their own drawbacks.
The price of getting one is unaffordable for many working people, the most “affordable” EV is the Nissan Leaf. It starts at $27,400 and has a driving range of 149 miles.
More expensive EV’s such as the Tesla Model 3 Performance will cost you $61,990. The higher cost is partly due to a higher driving range, which is 358 miles.
Right now there are problems with producing EV’s due to battery shortages. Also, there are problems with rising electricity costs, which make an EV more expensive to operate.
There are currently problems with not having enough electric charging stations as well as the amount of time it currently takes to recharge the vehicle’s battery.
EV’s are playing an increasing role in the world of transportation. However, overtime they will improve and might become more affordable for average people.
A Hybrid Vehicle Might Work For You
As mentioned before, hybrid vehicles cost more on average than a conventional gas-powered vehicle. Chances are, you feel stuck between a rock and a hard place when deciding what kind of vehicle is right for you.
The upfront costs for a hybrid vehicle might be higher, but over the long-term you might save money. It might be worth it if you’re concerned about the cost of getting an EV as well as the high cost of gas.
The cost of getting a hybrid vehicle varies just like any other vehicle type. The cheapest ones start as low as $20,000, which is competitive with conventional vehicles. Also, there are tax credits available for buying or leasing hybrids just like for EV’s.
Let’s explore an example of a hybrid vehicle that’s relatively affordable. The Hyundai Ioniq starts at $23,600, you’ll get 60 miles to the gallon and has a driving range of 650 miles.
If you’re curious about hybrid vehicles, ask someone you know who drives one.
It’s important to learn how to think outside the box when you’re adjusting to high fuel costs. By doing that, you’ll be able to free up more money to make ends meet in other areas of your life.
Have You Driven A Hybrid Vehicle?
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