Gas prices are on the rise again, meaning Americans are forking out big bucks to keep their wheels on the road. In Michigan, in the space of just a week, fuel prices rocketed by seven cents to $3 per gallon. Should this trend continue, it won’t be long before the state outdoes its peak cost of $3.06 per gallon. As a result, consumers are constantly looking for ways to lower their fuel spend. Purchasing a new set of tires is one way to get more for your cash, but opting for a hybrid vehicle is the real way to go.
2017 saw more than 360,000 Hybrid vehicles sold, according to HybridCars.com. A Hybrid vehicle typically costs at least $3,000 more than its gasoline counterpart, although, some makes and models will cost significantly higher. However, you shouldn’t let that deter you from investing in such a vehicle. Market research company, Vincentric’s study into hybrid vehicles found that there are multiple gas and/or electric-powered hybrids that after five years of ownership cost less to own than the gasoline-only equivalent. This was also the case when fuel costs, depreciation, finance and insurance costs were taken into consideration.
Choosing the best hybrid for you
Vincentric’s president, David Wurster confirmed their findings, stating: “Our study showed a significant increase in the percentage of hybrids that can save buyer’s money over five-years when compared to an all-gas counterpart.” He went on to point out that consumers should ensure they consider all factors when choosing the perfect hybrid for them. “Understanding the value of hybrids requires looking at all ownership costs, and not just fuel savings. Only then can buyers determine whether it makes sense to pay the hybrid price premium.”
As fuel prices across the country continue to climb, hybrid owners are saving more and more, which makes them all the more appealing. Especially, when you consider that hybrid vehicles use 50% less fuel than a gasoline car. According to the government’s fuel economy website, the most fuel efficient hybrids offer between 46 and 58 miles per gallon. However, manufacturers are consistently looking for ways to boost this figure which has led many small businesses to take up a hybrid truck grant in order to cut their company’s annual fuel costs. These businesses have the option of buying a new or used vehicle under the 2005 Diesel Emission Reduction Act which was created to reduce the diesel emissions produced by fleets that do not meet the federal emission standards.
Fuel costs in America are rising and the nation’s finances are at risk of being swallowed up by costly gas expenses. While purchasing a hybrid vehicle is, in most cases, more expensive than buying a gasoline vehicle, you can be sure that it’s money well spent as hybrid vehicles cut the cost of your annual gas bills in half. Additionally, in just five years, you’ll find that your set of hybrid wheels cost you a lot less to run all round.