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Will buying a hybrid vehicle actually save me money?
My current car has about 250,000 miles, so I'm in the market for a new car. I was thinking about getting a hybrid, but they're far more expensive than gas-powered vehicles. Will a hybrid vehicle save me money in the long run?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Looking for a new car is always exciting! We’re happy to help you in your search. It is possible that a hybrid car will end up costing less in the long run, but it largely depends on the vehicle you choose.
In short, when you buy a hybrid, you will save in some areas and spend more in others.
You’ll save on:
- Gas!: Hybrid owners usually save roughly $600 on gas a year—that equates to a ton of savings over your hybrid’s lifetime.
- Rebates: Having a hybrid car means you qualify for some pretty hefty rebates that could save you hundreds of dollars a year.
You might spend a little extra on…
- Maintenance: Hybrid parts can be more expensive to replace, which could result in a higher mechanic bill.
- The car’s initial cost: Hybrids usually have a more expensive initial price tag than gas-powered cars.
- Insurance: Cars that run on the expensive side also have higher insurance premiums because their parts are more costly to replace.
Although buying a hybrid might not save you money, they’re still a worthwhile investment (ask the environment).
No matter what type of vehicle you decide to purchase, you’ll need
car insurance
. Before you get stuck filling out forms or calling around for quotes, download the car insurance shopping and comparison app Jerry
. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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