A Hybrid Car Can Save You Big Money — Especially if You Do These 3 Things

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A hybrid car might cost more to purchase than a vehicle with a traditional gas engine. But read on to see how a hybrid might make financial sense in the long run. [[{“value”:”

When my husband and I bought our Toyota Prius in 2007, we were among the first of our friends to own a hybrid vehicle. And I’ll admit that I was iffy about that at first.

After all, I knew little about cars in general and feared that the newfangled technology of a hybrid would result in a series of expensive repairs. (Thankfully, it didn’t.) The car itself also took some getting used to — such as, when you’d stop at a traffic light and your car would sound like it was shutting down on you.

Now you should know that generally speaking, it costs more to buy a hybrid car than a vehicle with a traditional gas engine. Edmunds says that hybrid owners could spend as much as 20% more than if they were to buy a traditional vehicle. But despite the higher upfront cost, owning a hybrid car has the potential to help you save money — if you do these three things.

1. Drive your car efficiently

When you buy a hybrid, the manufacturer will tell you how many miles per gallon you have the potential to get. But that assumes optimal driving conditions, and optimal handling of your vehicle.

If you speed, you’re not going to enjoy the same fuel efficiency as driving at a more moderate pace. So if you truly want to save on gas (which is kind of the point of buying a hybrid in the first place), make a point to avoid rapid acceleration and speeding.

2. Keep up with regular maintenance

Maintaining your hybrid could be your ticket to having it perform its best. This means not only keeping up with oil changes, but making sure your tires are in good shape. If your tire pressure is low, it could lead to less fuel efficiency.

One strategy you may want to employ is buying your tires at Costco. Your purchase essentially comes with lifetime maintenance, which includes benefits like free rotations and pressure checks.

3. Shop around for auto insurance

Because hybrid vehicles cost more than traditional gas engine vehicles, the cost to insure them has the potential to be higher. But drivers who shop around for auto insurance can put themselves in a better position to spend less.

It’s a good idea to compare quotes from multiple insurance companies when putting auto coverage in place. Bundling home and auto insurance can also be a money-saver, though not always — so while it’s a good thing to look into it, drivers shouldn’t limit themselves to using the same insurer for both types of policy, either.

Ultimately, a hybrid car has the potential to not only save you money, but make your life more convenient. The less often you have to gas up your car, the more time you get back in your schedule. So it pays to look at hybrids if you’re ready for a new car and see if you find one that meets your needs and budget.

And if you’re on the fence, I’ll leave you with this: Our 2007 Prius wound up serving us well for 17 years before we upgraded to a larger vehicle. If you maintain your car well, your hybrid may end up lasting just as long, if not longer.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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