With gas prices at record levels, it might seem like a good time to buy a hybrid vehicle, but the high price of gas is also having an effect on the hybrid market. Not only are used hybrid vehicles in higher demand, making them harder to find, but the demand is also driving up the cost.
Used car dealers can find hybrids for every driver, from commuters who want a compact to families who want an efficient crossover SUV. You just might need to look a little harder to get one and pay a little more for it.
The Rising Interest in Hybrid Vehicles
Although Americans typically have a love affair with pickup trucks and SUVs, rising fuel prices and the cost to fill up the gas tanks of these large vehicles are changing their minds. The problem is that car manufacturers have prioritized building larger trucks to meet the demands of consumers, so there are not as many hybrids out there to start with. Now, as drivers look to cut costs and save money at the pump with a hybrid, used car dealers have to work harder to find them for their buyers. Over the past year, the price of hybrid vehicles has increased by about 40%. The Hyundai Sonata saw the biggest increase at over 63%, and the Toyota Prius came in second with a 45% increase. Luxury models such as the Lexus ES 300h and the BMW 5 Series are the hybrids with the lowest average price increases. This lower average increase suggests that the demand for hybrids is within the affordable segment and not the expensive luxury models.
Do Hybrid Vehicles Make Sense with High Gas Prices?
Hybrids use a combination of a gas engine and battery-powered electric motor. These work together to maximize efficiency. When comparing a hybrid and non-hybrid version of the same vehicle, the fuel savings quickly add up, so it doesn’t take long to make up for the additional money you have to put out to get into the hybrid.
What Are Other Benefits of a Hybrid?
In addition to increased fuel economy, hybrids often outperform gas-powered vehicles in other ways. If you can find a hybrid at your used car dealer, it’s worth it to snatch it up while you can. For example, the Honda hybrid CR-V has all-wheel drive, 212 horsepower, and a regenerative braking system to help keep the battery charged. It also has many of the same features and equipment you can get with the gas-powered version. Acceleration in a hybrid is quick and responsive. This is because of the electric motor, which helps the gas engine quickly respond when you press on the gas pedal.
The Bottom Line
While the demand for used hybrid vehicles is driving the cost higher than before, there are still many good reasons to buy one. When you head to the used car dealers to find your next vehicle, you’ll pay more for any vehicle than you would have paid a year ago, but with a hybrid, you’ll benefit from paying less at the pump, which can save you money over time.
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