The Financial Benefits of Hybrid Cars

As a result of climate change concerns and drastically changing oil prices, commuters all over the world are seeking alternative, greener modes of transport. The hybrid car has risen to the challenge – its occupies a middle ground between gas-fuelled cars and fully electric cars and is perfect for daily commutes and road trips alike

A hybrid car has a battery to assist the engine. Usually, the electric parts of the motor are less powerful than in fully electric cars and the engine is smaller than in fully gas-powered cars. This helps hybrids get 20 to 35 percent better mileage than a regular gas car.

If you buy a new hybrid, you may be entitled to federal tax credits anywhere from $250 to $3,400. How much you can get depends on factors such as the car’s fuel economy and how popular it is. Some states and cities also offer tax credits, in addition to other benefits like being allowed to drive in HOV lanes with no passengers or parking discounts.

There is also an increasing number of employers encouraging their employees to drive hybrids. At certain companies, employees receive up to $5000 for buying or renting a hybrid. There are also special parking rates at certain university campuses as well as hotels.

Hybrids can also be cheaper to finance than a regular car thanks to the preferential loan rates offered by a large number of banks. There are also insurance firms that offer discounted rates on hybrids in certain states.

In terms of maintenance costs, hybrids do not cost significantly more or less than a normal gas car. One area that hybrid owners can save some money on is the brake pads – hybrids are able to regain the energy used during braking, so their brake pads can last up to 3 times longer and you can save some money by not having to replace them.

Another incredibly significant benefit of buying a hybrid is that they often hold their value better than the gas-only version of that same model. For example, in 2008 the 2005 Toyota Prius (a hybrid car) was selling for $4,000 to $6,000 more than two similar 2005 non-hybrid models. This means that while it may cost a bit more, the hybrid version of a car will likely cause you a smaller loss than a gas-fuelled version of the same model.

Another very tangible and long-term benefit of driving a hybrid is the gas savings you will incur. Gas prices tend to increase year on year, so the less you consume the more you save. With the superb efficiency of a hybrid, you will be able to save a significant sum of money by using less gas.