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?

Answer
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.
Eric Schad
Answered on Oct 26, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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