If you’re looking to purchase a new vehicle, you may have considered buying a hybrid. Hybrid vehicles have become increasingly popular since 2000 when Toyota released the first Toyota Prius; however, the cost of these vehicles is still substantially higher than a traditional gas-powered car.
This fact, then, begs the question: Is it worth the extra cost up front to save on gas for the life of the car?
Let’s look at an example:
The 2016 Ford Fusion Hybrid SE gets around 42 combined miles per gallon (mpg) and the 2016 Ford Fusion FWD SE gets 26 combined mpg. Based on the MSRP, the Fusion Hybrid would cost you about $2,200 more than the Fusion FWD, which would take just over 4 years to make back in fuel savings.
Depending on the type of hybrid you’re considering, it could take up to 8 years to get your full return on investment.
So, if you don’t end up saving that much, why are people buying hybrids? According to Consumer Reports, you have to look at the full picture:
Payback time isn’t the whole story. No matter the price of fuel, most hybrids cost less to operate than comparable conventional cars. And for some buyers, the lower emissions and smaller carbon footprint of a hybrid car is an important consideration.
Another point to consider is that fuel costs have fluctuated pretty dramatically over the past several years, so it’s possible gas prices could spike again. If that were to happen, you could end up saving more than you originally thought.
If you’re in the market for a new or used vehicle, let the experts at Bryant Motors help you decide what would be the best fit for you. Come by our Sedalia auto dealership today!