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Are Hybrid Cars Worth the Cost?
With gas prices continuing to rise beyond $4 a gallon across the United States, hybrid cars are gaining well-deserved attention from both economical drivers and eco-friendly consumers. Hybrid vehicles have come a long way over the past decade. Tiny, cramped spaces and super slow drives are no longer the typical ride in a hybrid. In fact, the full size Chevy Sliverado crew cab will be available as a hybrid in 2009 and the roomy Dodge Caravan is already manufactured in a hybrid model. Hybrid cars no longer lack in performance and they save drivers at least $10 each visit to the pumps - so why doesn't everyone buy hybrid? With a sticker price averaging two to three thousand dollars more than a traditional car, many drivers feel the savings on fuel are just not worth the extra initial investment of a hybrid. A typical driver may not recover the extra costs of the purchase price over the entire time they own the car if they only drive 12,000 to 15,000 miles a year. Why Buy a Hybrid Car? Better gas mileage is just one of many benefits of driving a hybrid. Bryan Palmintier at Yahoo Green's Environmental Lovins analyzed the long run cost benefits of owning a hybrid Toyota Prius versus the conventional Honda Accord and Civic. After 3 years, the hybrid Prius held over 10% more of its value than the non-hybrid models, meaning a much higher return on resell. Without even factoring in the additional incentives available for hybrid owners, the Prius cost nearly $5,000 less than the traditional Accord in the long run. The US government offers a tax credit, up to $3,400, for hybrid owners. The incentive only applies to the first 60,000 cars sold so it's a good idea to factor this into your shopping decision. Many companies provide employees with cash incentives on hybrid purchases to encourage a greener commute. The Federal Hybrid HOV Waiver, passed in August of 2006, means a quicker commute for hybrid owners and allows access to HOV lanes regardless of occupancy for hybrid vehicles. Many banks and credit unions offer an additional discount on the finance rate of loans for hybrid cars. Effect on the Planet All of these savings and incentives, combined with the excellent gas mileage, makes hybrid cars a budget-friendly choice. The environmental benefits are just as persuasive. Hybrid cars cut greenhouse gas emissions by as much as 35%, even more in some newer models. Hybrids do not come without their environmental downfalls though. Lithium ion batteries and nickel metal hydride batteries used in hybrid cars are safer than traditional car batteries containing lead, but still pose problems when it comes to disposal. Batteries containing nickel can also lead to an array of health complications. The production of biofuels in the US has been a significant contributer to the global food shortage and increased prices. While hybrid cars use less, they still use precious resources that could be used elsewhere.
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