Drivers who are thinking about buying an electric or hybrid car have more to consider than they may be aware of. Hybrid vehicles tend to be more expensive than their gasoline-engine counterparts, but the money drivers save at the pump could eventually make up the initial cost. If a consumer wants to purchase a hybrid vehicle with a car loan, he or she should figure out if the money saved at the pump will be enough to cover at least part of the loan payments.
It is also important to address personal driving habits. Haute Living reports that drivers who commute less than 40 miles daily are better candidates for hybrid vehicles because the electric range of most available hybrids is limited. For example, the Toyota Prius Plug-in Hybrid, which is due to hit the market sometime next year, has an all-electric range of only 13 miles before the gas-engine takes over.
Are there charging stations conveniently located near your home or work? Many cities throughout the U.S. have begun installing pilot charging stations that electric and hybrid owners can use, often free-of-charge. If you are charging your vehicle at home, you will still pay less for your electric bill than you would pay for gas. The news source states that an all-electric Nissan Leaf can cost anywhere between $300 and $725 per year in electric bills, so a hybrid will likely cost less the charge at home.