Hybrid Finance

According to a Consumer Affairs article published in April, the sale of hybrid cars jumped up 37% from 2006 to 2007. People have definitely caught on to saving at the gas pump, but what about everyone who bought them just not to deal with their gas-guzzling SUV or truck? They still have payments on that other vehicle, in fact, now they have two.

If you are going to buy a hybrid vehicle, trade in the old one if you really want to save money. Don’t purchase a hybrid to drop your immediate gas bill because the savings won’t be very significant in the long-term.

Again, please remember the scenario: people who own gas-guzzlers with payments and just looking to add a hybrid to the garage.

Nonetheless, the first thing you should do is calculate how much gas you actually burn in your SUV or truck per year, and then see if this total is higher than the cost of a new car, which in this case, you only plan to use until gas prices settle down. For example, if you only plan to use a hybrid for a year or two, make sure a $17,000 hybrid doesn’t outweigh you burning $9,000 in gas in your SUV or truck, or whatever the cost may be.

Ultimately there are still other ways to save on gas that have been mentioned elsewhere: ride a bike, walk, carpool, find shortcuts to work, and be easier on the accelerator.

I just wanted to put everything perspective for those who want to keep their gas-guzzlers, but think just from buying a hybrid that will immediately notice the savings. Personally, I do plan on purchasing a hybrid in the future; however, there won’t be any other cars in the driveway unless I’m extremely wealthy.