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Consumers are ramping up their hybrid purchases. Read on for a few reasons why consumers are choosing them over EVs. [[{“value”:”
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Hybrid vehicles are increasingly popular with American drivers, and more than 1.2 million were sold last year. Their popularity is surging despite a general push by automakers to sell fully-electric vehicles (EVs).
While EV sales are growing, some consumers are weighing the benefits and drawbacks of hybrids, and many are choosing to go with hybrid options. To find out why, let’s look at five perks hybrids may have over EVs.
1. You don’t have to plug them in
This might seem obvious to some readers, but recent Consumer Reports research shows that 37% of Americans believe hybrid vehicles must be plugged in to run. But they don’t. Even plug-in electric hybrids can be used without having to plug them in.
A combination of power from the engine and regenerative braking recharges the hybrid battery. This is a significant perk, considering that charging stations are less prevalent than gas stations. Charging vehicles at home is also inconvenient for many apartment renters with limited access to charging stations or outdoor electrical outlets.
Those who choose an EV over a hybrid can use the government’s Alternative Fuel Vehicle Refueling Property Credit to receive up to $1,000 to help with the cost. See if you qualify and find more details about the program before signing on.
2. You can take it to a regular mechanic
While there are some aspects of a hybrid electric system that need specific training to work on, much of the vehicle can be serviced by most mechanics. Meanwhile, electric vehicles almost always need to be serviced by mechanics specifically trained to work on EVs.
While hybrids are more complex than traditional gas-powered vehicles, EVs take the complexity to another level. EVs often have specialty parts that may be more expensive and take longer to repair after an accident than other vehicles, making a trip to the repair shop costly.
3. They’re $17,000 cheaper
There’s no getting around the fact that EVs are expensive. The average cost of a new EV was $59,400 last year, compared to $42,381 for a hybrid — that’s a $17,019 difference!
The high vehicle prices mean some people take longer to pay them off. The average repayment length for a new car is nearly six years, and Experian says that eight-year loans are now available. The credit reporting agency notes that higher prices — including from EVs — are driving up the length of loans.
Some hybrid buyers may take out longer loans, too, but with the initial cost of their vehicles being much lower, they’ll likely end up paying less or paying off the vehicle sooner.
The good news for EV and hybrid buyers is that the government is giving up $7,500 in tax credits toward some vehicle purchases. Not all vehicles qualify, but you can find out more about the program and which cars are eligible on FuelEconomy.gov.
4. It may be cheaper to insure
Let’s start with the bad news: Hybrids and EVs will both cost more to insure than traditional gas-powered vehicles. But the good news is that car insurance for hybrids will likely cost you less than an EV.
Car insurance companies decide how much your premiums will be partially based on how expensive your vehicle is to repair or replace. Because EVs are more expensive and pricey to repair, many may cost more to insure than hybrids. For example, hybrid batteries cost under $3,000 to replace, while the average battery cost for an EV is between $7,000 to $30,000.
You can help lower your insurance costs by keeping your driving record clean and improving your credit score. Comparing different car insurance companies is also a good way to find cheaper insurance rates.
5. They require less raw battery materials
EVs don’t give off any tailpipe emissions, and that’s great for the environment. However, the downside is that they require significant raw materials to be mined to make their batteries. Some materials are located in countries with few environmental or safety regulations.
Hybrids need batteries, too, but they’re much smaller. Using the same amount of raw battery materials, you can make about 17 hybrid batteries for every one EV battery. That doesn’t necessarily mean EVs are less environmentally friendly than hybrids. But if you’re on the fence between a hybrid or an EV, it’s good to know some of the details that impact their overall environmental footprint.
An EV is a great choice for many buyers. But if you’re looking for the benefits of an environmentally-friendly vehicle that costs less, is likely cheaper to repair, and may save you money on car insurance, a hybrid is probably the better choice.
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