Should My Next Car Be a Hybrid?

The popularity of hybrid cars is booming. With less fuel cost and increasingly more features available on new models, hybrids are more frequently purchased than ever before.

But do these features make up for hybrid costs, and are there advantages to hybrids that gas-powered and fully electric cars do not? Learn more about hybrid vehicles including the true cost to own.

Hybrid Costs to Own:

The average hybrid price ranges from $23,000 to $35,000 but there are several luxury models with much higher price tags. One of the most popular models, a Toyota Prius, retails for about $24,000 brand new.

Hybrid SUVs can run between $30,000 and $45,000, whereas luxury brands price hybrids starting at $60,000. Although a hybrid costs a little more than its gas-powered counterpart, there are tax incentives and rebates that narrow this margin.

With modern technology advances, used hybrids retain their value longer than ever before. Fully electric cars, however, depreciate in value faster.

While fuel savings will vary by driver, owners can expect to save hundreds to thousands of dollars on gasoline each year. Other ongoing savings may include the following:

  • Charge waivers for city and local parking
  • Permission to use carpool lane
  • Waived toll charges
  • Discounts on auto insurance
When it comes to hybrid costs to own, these cars require fewer maintenance calls than gas-powered vehicles. For instance, the regenerative braking system that transfers energy to the battery also makes brake pads last longer.

Hybrids break down less and, consequently, manufacturers provide lengthy warranties, oftentimes for a decade. This cuts down on owners’ financial obligations should something go wrong with the vehicle.

Energy Efficient Hybrid Cars:

As mentioned above, the braking system in hybrids transfers the energy created from braking into the battery. This recycling of energy helps plug-in vehicles stay charged longer. Also, fuel-efficient hybrid cars are 20 to 30 percent better than gas-powered cars with a range of 48 to 60 miles per gallon.  

How Affordable Hybrid Cars Help the Environment:

Hybrid cars have environmental advantages as well. Hybrid owners typically hold onto their vehicles longer than drivers of conventional cars, and used hybrids are still a popular choice for prospective buyers. This means that hybrids are less likely to be dumped.

The electric component in hybrids does not produce exhaust fumes, making these vehicles better for the environment than those powered by gasoline. The bigger the vehicle, such as SUVs compared to compacts, the more of a difference between emissions from the conventional version.

Top 2020 Hybrid Cars:

Whether you are looking for affordable hybrid cars or luxury models, the below list features the most popular hybrid models for 2020:

  • Ford Fusion is a popular model for many looking for quality on a budget.
  • Toyota Camrys are affordable hybrid cars with some of the best reviews from owners.
  • Lexus NX is a luxury vehicle for owners looking for great features.
  • Toyota RAV4 is a fun choice for those who need extra seating and storage.
  • Land Rover Range Rover hybrid cars combine luxury with off-road capability in a vehicle with three rows of seats.
  • Subaru Crosstrek is a great hybrid for nature and adventure enthusiasts.
  • Toyota Prius is arguably one of the most well known hybrid models and has an array of different editions of its primary version.
  • Volvo XC90 comes from a manufacturer known for reliability and this hybrid is no exception to the brand’s reputation.
  • Lexus ES is a luxury brand with many bells and whistles owners expect from the manufacturer.

Is the Higher Hybrid Price Worth It?

Initial hybrid costs can deter some buyers, as the dual-engine vehicle is more expensive than gas-powered cars. However, owners can recoup the difference in price through purchasing incentives, like tax deductions and
rebates, as well as ongoing costs like waivers or reductions to charges on fuel, parking, insurance and more.

Hybrid cars also retain their value better than electric vehicles, which means the resell value with still be high when owners look for upgrades. They also have fewer maintenance costs than gas-powered cars.