They Cost Too Much
Yea, okay. Let's really get into why a hybrid isn't sitting in your driveway yet. They cost too much. Aren't we supposed to be carefully monitoring every dollar we spend now in this economy? The cost issue is the number one reason why most drivers pass on purchasing a hybrid [source: J.D. Power]. The fact is, they do cost more than traditional vehicles. Drive down to your local Toyota dealer and you'll find that a 2010 Toyota Camry hybrid is as much as $6,000 higher than the conventional Camry sitting right next to it [source: Toyota].
But before you nod your head in agreement, remember this: You'll recoup your initial investment through incentives like rebates and overall long-term use. Hybrid owners who purchased their vehicles after Dec. 31, 2005 and before Dec. 31, 2010 may be eligible for a federal income tax credit worth up to $3,400 [source: Fueleconomy.gov]. Even states understand the importance of enticing drivers to purchase a hybrid. For example, Georgia also offers an income tax credit for 10 percent of the cost to buy or lease a new hybrid [source: U.S. Dept. of Energy]. Additionally, those hybrids will prevent your credit card from getting a regular workout at the gas station. If you drive the Toyota Camry we talked about earlier for 15,000 miles (24,140 kilometers) a year with gas being $3.00 per gallon, over the course of five years, you'll spend $8,654. If you purchase that same model in a hybrid, you'll spend $6,818 in gas [source: U.S. Dept of Energy]. As you see, over the lifetime of your ownership, you'll feel the savings where it counts the most -- in your wallet.
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- U.S. Dept. of Energy. "Compare Side-By-Side." Fueleconomy.gov (Nov. 17, 2010)http://www.fueleconomy.gov/feg/sbs.htm
- U.S. Dept. of Energy. "Federal Tax Credits for Hybrids." Fueleconomy.gov. (Nov. 10, 2010)http://www.fueleconomy.gov/feg/tax_hybrid.shtml
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Is an all-electric car a bad investment? Keep reading to learn about electric cars and if an all-electric car is a bad investment.