It’s not easy being green when you want to save some green.
With the national average price of gas at just $2.80 per gallon, according to AAA, a lot of consumers are turning away from fuel-efficient cars in favor of crossovers and SUVs. In fact, Edmunds.com reports that less than half of people who have traded in a hybrid car in 2015 replaced it with another hybrid.
Hybrid cars and hybrid SUVs typically cost more than their gas-only counterparts, but when gas prices are high, that hasn’t been such a big deal because you save enough on fuel to make up the difference. Over the long term, owning a hybrid can be cheaper than owning a gas-only car overall, despite the higher upfront cost of a hybrid.
Now that gas prices are low, the math on owning a hybrid has changed. Making your money back on fuel savings takes longer when gas prices are low. On the other hand, when gas prices rise again, hybrid owners will be sitting pretty. If you’re in the market for a hybrid, and want to make sure you’re making a smart financial choice, check out Gas Prices are Low: Does a Hybrid Still Make Sense? We’ll take you through what you need to do to find out if a hybrid makes sense for you.
In the market for a hybrid car? Take a look at our Best Hybrid Car Rankings. When you’re ready to buy, check out the U.S. News Best Price Program for guaranteed savings on a new car, SUV or truck. Also, be sure to follow us on Twitter and Facebook.