Most Hybrids Won't Save You Money on Gas
A study by Investopedia.com found that it can take as long as 21 years to recoup your investment depending on the model you purchase. In many cases, the hybrid version costs several thousand dollars more than the non-hybrid or similar non-hybrid one.
If you do want to save money on gas, a low-cost electric car may be a better option.
The Ford Fusion Hybrid, which only costs $3,200 more than the non-hybrid version, is the only hybrid which allows you to recoup your investment in less than 10 years.
Here is the breakdown for the most popular hybrids:
|Vehicle||Price Difference||Years to Recoup Investment|
|Ford Fusion Hybrid||$3,200||5.6 years|
|Mercury Milan Hybrid||$6,300||13 years|
|Toyota Camry Hybrid||$6,000||15 years|
|Honda Insight||$5,600||16.5 years|
|Honda Civic Hybrid||$8,000||17 years|
|Toyota Prius||$12,605||20 years|
|Nissan Altima Hybrid||$6,000||21 years|
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid