With gas prices rising, many of us are looking for ways to reduce the amount we pay. Gas saving strategies like taking public transportation, consolidating errands, and properly maintaining your car can help you improve your fuel efficiency so that you spend less. Some, though, wonder if they could do even better if they bought a hybrid. While the price of hybrids has been coming down, there is still often a premium attached to these vehicles. As a result, it might take time for you to recoup the cost of your hybrid.<\/p>\n
My husband and I bought a Toyota Prius in 2009. We finally decided that we were ready for a second car. Public transportation in our locale is inconvenient, and the nearest stop is more than a mile away. We had planned on buying a second car for a while, and knew how much we wanted to spend. We ended up getting our Prius for quite a bit below invoice, due to a pricing error on the dealer\u2019s web site; without that discount, we probably would not have bought a hybrid, since the price was higher.<\/p>\n
We didn\u2019t spend \u201cextra,\u201d since we had budgeted for the purchase. And we have saved money in fuel costs. Indeed, after one year, we did the math and found that we had saved $360. However, if we had paid \u201cfull price\u201d for the Prius, it would have taken almost 10 years to recoup the cost beyond our budgeted amount in gas money saved.<\/p>\n
Before you buy a hybrid to save on gas, it\u2019s a good idea to consider your true savings. Figure out whether or not you will truly save money. Will you save enough money in gas to justify the purchase? If you have a plug in, you will also have to consider the cost of the increased power use in your home<\/a>. You may save in gas, but you will pay more on your home power bill.<\/p>\nCost Associated with a Second Car<\/h3>\n