Everyone wants to save money while also helping the planet. With climate change impacting different parts of the world, we all want to do our part for the earth. According to car manufacturers, one way to help the planet is by switching to a hybrid. But can it also save you money?
Switching to a hybrid will not help you save money and might even cost you more in the long run! Before shopping for new and used cars for sale in New Brunswick, you need to know all about hybrid vehicles.
What’s the Deal with Hybrids?
The basic idea behind the eco-friendliness of a hybrid car is that it uses a smaller amount of fuel than a regular internal combustion engine. As a result, it helps in reducing fuel consumption, which helps the environment.
The catch is that it might not save you as much money as you hope. Saving in fuel costs greatly depends on how and where you drive the car. A hybrid vehicle is only good for your wallet when car companies do not charge extra for them. The thousands of dollars you pay as additional upfront costs when you purchase a hybrid are offset by any reduction in fuel costs.
That said, there are a couple of situations where a hybrid can help you save money:
- If you drive three or four times more than the average driver, averaging around 60,000 to 80,000 kilometres per year
- If gas prices triple or quadruple, and car makers keep the selling costs of hybrids the same as now
Several independent studies in Canada and the US have clarified the financial cost of owning a hybrid. If you’re a regular driver who racks around 20 to 30 kilometres per year, switching to a hybrid will cost you more than a traditional vehicle. If you’re still confused, you can use a car finance calculator in Canada or get quotes from your auto dealer. Compare the prices to see if you get any significant savings by switching to a hybrid.
If you pay attention to advertisements about hybrids, you’ll notice that even automakers don’t claim that hybrids help you save money. They amplify the supposedly green benefits of driving a hybrid and stay silent on the transition and ownership costs. Take the case of Toyota Canada, where the company touts the many benefits of going hybrid. Still, there’s nothing about cost-saving in the promotional materials.
That said, owning a hybrid has its share of benefits (albeit not cost savings). For example, if you go on long road trips exploring the beauty of Canadian terrain, frequent stops to fill up your car can slow down your journey. A hybrid does not need frequent fuel stops, as the greater fuel economy offers more range.
But if you’re looking to switch to a hybrid to benefit from the associated cost savings, that won’t happen until hybrid prices reduce to that of regular vehicles. And that’s not likely to happen anytime soon.
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