3 reasons hybrid cars are worth investing in

Electric vehicles are the future. So, I signed up for financing on a 2021 Toyota Corolla Hybrid last month. Hybrids aren’t EVs, but now what? They are perfect. Even though the Tesla Model 3 is competitively priced with some hybrids, there are still good reasons to invest in a hybrid car.

It depends on timing. Electric vehicles are currently going through puberty. They are growing and becoming less expensive up front and more affordable in the long run. They also pain in the back. The sticker price is the problem. EVs literally make some riders feel nauseous.

Hybrid cars currently occupy a reasonable middle ground between the past and the future. Here are three reasons why hybrid cars are worth investing in: First, let’s start with the obvious: mileage.

1. Hybrids have good fuel efficiency

For less than $30,000, you can get a Toyota hybrid that gets 50 miles per gallon (MPG). My 2021 model gives me 500-600 miles of runway per $50-$60 top-up at the gas station. It’s a winning combination of low sticker price and excellent mileage. full stop.

Gasoline cars often boast lower sticker prices than hybrids but deliver worse fuel economy. When traveling at 40 mph, the 2024 Toyota Corolla gets about 20 MPG less than the Corolla Hybrid. Hybrids are more cost-effective on the tank, and the more you drive, the more mileage matters to your wallet.

Buying a hybrid makes sense if it costs less to run than a gasoline car. You’ll get much better mileage for a slightly higher sticker price.

2. Hybrids have a cheaper sticker price than EVs.

You can buy a hybrid car with great MPG and solid mileage for less. The 2024 Toyota Corolla LE has an MSRP of $22,050, and the hybrid version costs $23,500. It’s not much more expensive.

There aren’t many EVs in the $20,000-$25,000 price range. The Tesla Model 3 retails for at least $38,990, which is about $15,000 more than a better-range hybrid. In fact, the EV tax credit could help buyers recoup some of the costs of purchasing an EV. But even after taking tax credits into account, it’s more expensive to buy or finance the cheapest EV than the cheapest hybrid, assuming the same rates.

It makes sense to invest in a hybrid for lower monthly payments. If you drive a cheap car, you may also be able to get cheap car insurance. (The cheaper the part, the less expensive it is to replace.)

3. Hybrids are less likely to cause motion sickness than EVs.

When I was shopping for an EV, I asked a friend to take a Tesla Model Y for a test drive. What about your experience? It’s soft, novel, and dizzying. After spending 10 minutes in slow mode, I was surprised to see my stomach crawling up to my neck. I had a hard time breathing. I was sick. I tried driving. The motion sickness lessened but continued several minutes after I got out of the car.

Others felt similarly, as the Reddit r/electricvehicles community can attest. It’s worth trying an EV before you buy. You can avoid buyer’s remorse and a very uncomfortable trip to the dealership. (Hello. Yes, I came here because your car made me sick.)

If driving an EV will make you (or your riders) car sick, it makes sense to invest in a hybrid. That quickly led me away from EV leasing. Instead, I funded a happy medium: hybrid.

Another reason to invest in a hybrid car

When it comes to EVs and hybrids, price comparisons fail. There are a lot of moving parts, and the cost varies depending on the specific model. There is a domino effect with expensive cars. Expensive cars usually mean expensive car insurance, which adds steeply to monthly ownership costs.

However, hybrids have many advantages. Other reasons to invest in a hybrid car include:

• Tesla Model 3, one of the most popular electric vehicles, is expensive to insure.
• Some plug-in hybrids qualify for a federal tax credit of $3,750.
• Hybrids retain their value longer than EVs, up to five years, according to Kelley Blue Book.

Then there is the future of driving to consider. If Tesla actually produces a $25,000 electric car, it’s reasonable to assume that more gas drivers will switch to electric vehicles. As demand for gas decreases, supply increases, which can cause gas prices to fall. I’m guessing, but it’s worth considering.

For now, hybrids offer a reasonable combination of lower price and good MPG. An affordable hybrid could be well worth the investment in 2024.

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