To start things off, here are two reasons not to buy a hybrid. A person should not buy a hybrid in expectation of making an investment. Over five year studies, people do not break even on their costs (Reasons). People should also not buy hybrids and expect to get the EPA mileage that is quoted (Reasons). They have a system in which they use to figure out gas mileage, which can be seen here, http://www.epa.gov/fueleconomy/data.htm.
As many people have heard, buying a hybrid is expensive. There is a lot of truth behind this and it may very well be the deterrent for a person to steer away from a hybrid. It may very well be the only reason that a person does not buy a hybrid. As it was mentioned before, the reliability of a hybrid may cause people to be cautious but the warranty should clear that doubt. Hybrids are costly, there is no doubt about that, here is why.
The initial cost of a hybrid is expensive in itself. This essay will be referring back to the graph which is below quite often. It gives a comparison between some of the most popular hybrid cars and their gasoline counterparts, such as the Civic Hybrid or the Toyota Prius. The table shows the car and its sale price as well as its miles per gallon. Below that, there is a very significant bit of information. This section of the graph shows the hidden costs of owning a hybrid. This paper will explain how the “Total 5-year extra cost” is figured. The (purchase price premium) + (extra sales tax) – (savings from hybrid tax credit) – (fuel savings) +/- (extra insurance cost (savings are in parenthesis which would mean anything in parenthesis is subtracted)) +/- (extra maintenance costs (savings are in parenthesis which would mean anything in parenthesis is subtracted)) + (extra depreciation cost) + (extra financing cost) = (Total 5-year cost). Some of these hidden costs will be explained further (Dollars).
It is important to notice that the purchase price premium is more than the savings from hybrid tax credit and the fuel savings added together. Within 5 years, the buyer still has not broken even from the extra money they paid for the hybrid. This could be one of the best examples to show that hybrids are expensive. In addition to the rather high initial cost, the cost of maintenance on some of the cars is rather expensive.
Granted hybrids are expensive, but there is a reason for that. Hybrid cars have a fairly complex electrical system. There are always a lot of different signals and messages being deciphered by the computer and translated into running the car. An intricate and very important component of this system is that of the battery. The battery system on many of the hybrids on the market is estimated to cost $3,000 or more to replace if not covered under warranty (Dollars). While it is true that there have been few problems with the batteries, there are other problems. Speaking from personal experience working at Honda, I’ve noticed some of the electric motors need replacing. Granted they are covered under warranty, but they are in the 2006-current civic hybrid models. Another thing that is expensive is the routine maintenance. Civic hybrids require particular oil which costs roughly $30 more for just oil compared to the regular gasoline Civics. With the economy in disarray right now, people are trying to save money. If this is the plan of a would-be car buyer, a hybrid is not right for them.