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You may know about some of the benefits of owning a hybrid vehicle. However, there may be a few you're not yet familiar with. If you're considering purchasing a hybrid vehicle, this is a good time to do so. Not only are there many options currently available, many more are on the way. A number of large manufacturers offer hybrid options now, and other manufacturers have plans to release hybrids very soon. If you haven't started looking, enjoy the shopping process! However, before you begin, take a few moments to read about some of the most important benefits to owning a hybrid vehicle.
Cost
The savings with hybrid vehicles can be two-fold, if not more, for the right vehicle for the right person. Perhaps most desirable in the short-term, fuel costs can be cut in half by switching from a traditional gasoline-powered vehicle to a hybrid. This can mean a difference of hundreds of dollars each year. Of course, there is the upfront cost (or ongoing payments) of purchasing the vehicle, which is a major purchase. The good news is that some hybrids are available for a starting cost around $21,000, which is lower than many standard gasoline-powered counterparts. If you're able to combine this with a trade-in or other special option (shop around for the best deal), you can obtain a new vehicle for a reasonable price.
When determining if a hybrid is right for you, your driving habits are a significant factor. For those who drive frequently, or have long commutes, the savings can be obvious very shortly after making the switch. Others who drive less may actually spend more, although the additional benefits, such as driving a vehicle which produces much less pollution, may be enough of a reason to make the change. As with all major purchases, conducting thorough research and crunching the numbers will help you determine if your driving habits and car choice will result in significant savings.
Tax Benefits
Owning a hybrid may get you a federal tax break, furthering your savings; however, these benefits are limited to the first 60,000 hybrids made by a manufacturer. Still, it's a benefit worth looking into, as hybrid sales have not yet picked up substantially across the country. Additionally, some manufacturers have not yet released their hybrid models. Do some research, and determine if you want to make the purchase. Some states also offer incentives for hybrid owners, so that may also affect your decision. Do some research or talk with your tax professional to find out if your state is among those who offer benefits.
Additional Benefits
Other benefits from owning a hybrid may come from your insurance provider; others are found on the freeway. In general, some people, such as insurance providers and state regulators, see owners of hybrid vehicles as more responsible. As a result, some insurance companies offer discounts to hybrid owners. Additionally, states with carpool lanes may allow drivers of hybrids to use the carpool lane regardless of the number of passengers (if any). While this may not seem like much, the additional savings may be an incentive, and if you face a long commute, the ability to use the carpool lane may be enticing as well. Driving at a constant speed, which you might be able to do in the carpool lane, can help maintain fuel mileage efficiency.