The Cost and Benefits of Hybrid Vehicles

The cost of hybrid vehicles is one of the biggest attributes that pushes consumers away. However, after the initial purchase price of the vehicle, the price of owning the car is what brings consumers to buy hybrid vehicles. A 2011 study found that the initial purchase price of a hybrid edition vehicle was $5560 more than the regular edition vehicle. Luckily for the buyers of hybrid vehicles between the years 2005 and 2010, the government issued federal tax rebates up to $3,400 dollars. This means that, if a buyer received full tax credit for a hybrid vehicle, they would only be spending $2160 more on their hybrid vehicle, rather than its gas-hogging counterpart. However, the buyer of the vehicle will soon recoup that $2160 whenever they take into account fuel economy. Hybrid vehicles are called “hybrid” vehicles because they run partially on electricity rather than gas. In the formally referenced 2011 study, researchers found that a regular, two-wheel-drive model of a vehicle had a combined highway/city fuel usage of 21 miles per gallon, whereas the hybrid model of the vehicle had a combined highway/city fuel usage of 30 miles per gallon. If one owns the hybrid powered model over the gas powered model, they can expect to save approximately $763 dollars per year on gas. By owning the vehicle for just three years, one can pay for the difference in initial purchase price, making the purchase of the hybrid vehicle a very responsible decision, both economically and environmentally.

After potential buyers of hybrid vehicles evaluate costs, they often ponder the next question: is it practical to own an electric or hybrid vehicle? Questions such as “where can one charge their vehicle?” often come up in the discussion of these vehicles. The EPA, or the Environmental Protection Agency, has said that the majority of electric or hybrid vehicle owners charge their vehicles at home. Although this could raise concern about the extra use of electricity, the math shows that the amount of money one will save on gas will make up for the expenses of the extra electricity use. However, many buyers of these vehicles will most likely find a need for power on the road. Luckily, companies ChargePoint and ECOtality have established over 20,000 charging stations throughout the United States, many of which are free. With electricity bills that pay for themselves and the addition of free charging throughout the country, the practicality of electric and hybrid vehicles is perfectly reasonable.