Are Hybrid Cars Worth It?

Hybrids have been around for decades now and have become increasingly popular as people realize their environmental and financial benefits. But is it worth buying one? In this article, we'll explore the differences between hybrids and plug-in hybrids (PHEVs). 

We will also review incentives, the maintenance costs associated with hybrids, and their reliability. Here's a rundown of all the considerations you should make when deciding whether or not to purchase a hybrid. By the end of this article, you'll have a better understanding of whether a hybrid is right for you. 

Hybrids vs Plug-In Hybrids (PHEVs)

When people talk about hybrid cars, they are usually referring to a hybrid of the traditional internal combustion engine. This type of hybrid car has an internal combustion engine (ICE) and an electric motor. The electric motor is powered by a battery pack and helps the car to run more efficiently by providing additional power when needed.

In addition to the traditional hybrid, there is also the PHEV. PHEVs have a larger battery pack and can run entirely on electric power for short distances. This means that you can charge the battery pack from an external power source and then drive without having to use any gas at all. 

Purchase Price

Hybrids typically cost more than non-hybrid vehicles. This is due to the additional technology and mechanics required to make the vehicle more efficient. However, the higher costs may be offset by incentives offered by the government. 

That said, you'll also need to consider the battery when determining the total cost of owning a hybrid. Hybrid batteries typically have a lifetime of ~10 years-so they'll require replacement at some point. This can often cost several thousand dollars, so it's something to keep in mind in your pursuit of the best hybrid cars sold in Canada. 

Fuel Savings

One of the main reasons to get a hybrid car is that it's more efficient than your average vehicle. For example, the best hybrid cars sold in Canada get around ~5 L/100 km on the highway. In contrast, an SUV only gets ~10 L/100 km on the highway and a full-size truck is even less efficient at only ~16 Litres/100km

Bottom line-you can save a lot of money by buying a hybrid instead of another type of vehicle. If you drive around 25,000km every year and spend $1.50 per litre for gas then you could save ~$2,000 by switching to a hybrid car.

The degree of savings will depend on a variety of factors, such as the type of driving you do and the type of hybrid vehicle you buy. In general, PHEVs are more efficient in stop-and-go traffic and on short trips, while hybrids are more efficient on longer trips. If you're considering a PHEV, you'll also need to factor in the cost of charging the battery, which will vary depending on the type of power source and the price of electricity in your area.

Carbon Footprint

You may have heard that hybrids are more environmentally friendly than conventional cars. This is true-hybrids use less fuel and produce less carbon dioxide emissions than non-hybrid models. However, there is a caveat: the amount of carbon dioxide emissions produced by a hybrid depends on the source of electricity used to power it. 

Hybrids and PHEVs emit significantly less carbon dioxide than traditional gasoline-powered cars, which can have a big impact on the environment. The difference in emissions can vary depending on the model, but it's safe to say that many hybrids emit significantly less carbon dioxide than gas-powered cars. This can make a big difference in the long run, as emissions from cars are one of the leading causes of climate change. 

Incentives

In addition to being more efficient, hybrid cars are eligible for tax credits and incentives in many provinces, which can help offset the cost of the vehicle. 

Federal tax credits are also available for certain hybrids and PHEVs. Be sure to check with your provincial and local governments to see what incentives are available to you. Also, keep an eye out for programs that incentivize adding a charging system to your home. 

Maintenance Costs

One of the biggest concerns when it comes to hybrids and PHEVs is the cost of maintenance. Hybrids and PHEVs require regular maintenance just like any other vehicle. However, they also require some specialized maintenance to keep their electric components in good working order. 

This includes replacing the battery, which can be costly. Additionally, you may need to replace the electric motor and other components occasionally. It's important to factor in these potential costs when deciding whether to purchase a hybrid or a PHEV.

Insurance Costs

If you're looking for a cheaper car insurance premium, hybrid cars may not be the best option. In fact, some studies have shown that hybrids cost more than non-hybrid cars over the life of their ownership. The high cost of replacing parts and higher resale value are two reasons why hybrids can increase your insurance costs.

An important thing to consider when calculating your car insurance rates is how likely it is that you'll need to file an insurance claim on your vehicle-and if there's anything unique about your new hybrid car that makes filing claims more likely or less likely than average? If the answer is "yes," then what are those risks?

That said, many insurance companies offer discounts for hybrid vehicles. So, be sure to check with your insurance provider to see if there are any discounts available to you at the time of your purchase. 

Conclusion & Recommendation

Hybrids and PHEVs can be a great way to save money and reduce your carbon footprint. They offer environmental benefits and a number of incentives, including tax credits and rebates. That said, the price tag can be intimidating, especially for someone who hasn't driven one before. However, if you want to reduce your carbon footprint and save money on gas while doing so then this is definitely worth thinking about!

Ultimately, the decision of whether a hybrid is worth it for you will depend on your personal needs and budget. If you're looking for a reliable and fuel-efficient vehicle that will save you money in the long run, then a hybrid or PHEV may be worth it for you.