Financial Benefits of Owning a Hybrid

By Scott Conklin

As more and more car manufacturers offer both hybrid only cars (like the Prius) and hybrid versions of already popular cars (like the hybrid Honda Civic), more car buyers are looking to switch from their traditional gas-only cars to a hybrid. The thing stopping many people from doing this, however, is the fact that hybrids typically cost more than their gas-only counterparts. Because of that, here are some of the financial benefits of owning a hybrid that can help to off-set the increased upfront cost of owning one.

Savings on Gas

Everybody knows that hybrids use less gas, have fewer emissions, and are better for the environment. However, the savings that using less gas passes on to you can be fairly significant, depending on your driving habits. If you drive in a fuel efficient way, that is obey speed limits, don't fly off the line from a stop, and don't wait till the last second to brake, you can increase the fuel efficiency of most hybrids. If you drive frequently or over long distances, you're more likely to see the savings on gas far more quickly than somebody that drives rarely or only over short distances. Also, just because gas is currently under $2/gallon in most places doesn't mean it's going to stay there. Most experts expect gas to increase to at least $2/gallon if not a bit more, which will increase your savings every time you don't have to visit the pump with your hybrid.

Tax Benefits

Now, not every hybrid vehicle will qualify for a tax incentive, but it's certainly something to look into when you're deciding which hybrid works best for you. Both the federal government and some states will give tax incentives to hybrid drivers via tax breaks for owning a vehicle that is more fuel-efficient. Check with your tax professional to find out which vehicles you're looking at will offer you the best tax incentives before settling on one and you could save yourself several thousand dollars, which can offset the cost of the hybrid very quickly.

Insurance

Some insurance companies will offer better rates if you drive a hybrid as they see that as a responsible choice and thus you are a responsible driver. Call your insurance company ahead of time to find out if they offer any incentive for owning a hybrid, and if so, which ones offer the best rates. A ten minute call could save you quite a bit on your car insurance.

Other Benefits

Some states will allow you to use carpool or HOV lanes without carrying any passengers if you drive a hybrid. Depending on where you live, this can save you quite a bit of time on your commute to work every day (imagine shaving 30 minutes off your commute to a city like DC or New York). Before you jump into the carpool lane, check what your state's policy is on single occupant hybrids in the lanes to ensure that you don't get stuck with a ticket.

Weight Your Options

Getting a hybrid car, truck, or SUV is a great way to save yourself some money over the long-haul while helping the environment. Do your research ahead of time and you can maximize your financial benefits. No matter which type of hybrid you end up getting, you'll be doing yourself and the environment some good, and that's always a benefit.

Scott Conklin is the president of Conklin Cars, a leading provider of Kansas Honda, Kansas Ford, Kansas Toyota, and Kansas City Cadillac. With locations in Hutchinson, Salina, and Newton, Kansas, as well as Kansas City, Missouri, they can be found online at: http://www.conklincars.com.

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