Hybrid Cars or Gas Cars: What’s Right For You
Everyone is concerned with trying to save money, especially in today’s economy. People have adjusted their spending habits to keep a little extra money in the bank. This can include saving money on gas, but what is the best way?
Some people have turned to hybrid cars for the solution. Hybrid cars offer better mileage than traditional cars, but often have a higher cost. A hybrid car isn’t always the best method to immediately save money.
It is important to take various factors into consideration, such as:
– The number of miles driven in your daily commute
– The age of your current vehicle
– The fuel economy of your current vehicle
– The fuel economy benefit of the hybrid model versus the traditional model
– The price increase of the hybrid model versus the traditional model
Using these factors, along with others can allow consumers to make a more informed decision when considering a hybrid model.
It is also important to take the price of gas into account. By doing some simple math, a cost-benefit analysis will reveal if a hybrid will help save money:
1) Note the additional difference between the hybrid and traditional models (ex: $5,000)
2) Note the fuel economy benefit between the two models (ex: the hybrid offers 50 miles per gallon and the traditional model offers 30 miles per gallon)
3) Note the current (or average) price of gas (ex: $2.50 per gallon)
Using an average of 15,000 miles driven per year, the analysis will look like this:
a) Traditional Model
i. 15,000 miles per year
