Besides getting tax benefits, purchasing a hybrid car can seriously add up the saved dollars that can push you into getting a really good deal very easily and also protect the environment.
There are many things to note about tax credits per hybrid car. There is no set tax credit, and it depends on what vehicle that you buy — so remember not to only take into account the miles per gallon and price, but the varying tax break incentives. Next, the list of IRS-certified vehicles is not always the same, automakers produce hybrids that are qualified, adding them to the list, meaning you need to look at the most up to date data. Lastly, hybrid credit reduces by the year and eventually is eliminated, so make sure to check out the phase out dates that are determined by the manufacturer. Sometimes, it can be a guessing game, but remember, you will be saving something and it adds up! Depending on the year, going back to 2005, you can save anywhere from $500 all the way up to about $4,000.
When it comes to saving per gas, for example, switching from a 33mpg car to a 58mpg hybrid can end up saving you the following amounts, depending on gas prices:
- At $3.00 a gallon, $3918.50
- At $3.50 a gallon, $4571.58
- At $4.00 a gallon, $5224.66
- At $4.50 a gallon, $5877.73
- At $5.00 a gallon, $6530.83
This pricing is per 100,000. The reason why it is important to note this, is because many hybrids end up costing more than conventional cars, and possibly up to about $7,000, but typically only $2,000 more. Because of the amount that you save, it literally cancels out that extra cost. So, because of this, you can definitely afford that hybrid, as long as you have the patience to start saving money!
Remember, do your research, but in the end, the savings add up!