ALT-3 Overview of Hybrid Cars
Do a great deal of research before you decide to buy a hybrid car. On January 1, 2006, the Federal government began offering tax incentives for hybrid car buyers. Consumers can save up to 3,150 dollars on a new car purchase. In Wisconsin, a legislative proposal has been introduced to exempt certain hybrid cars from state sales tax. Owning a hybrid car could save you time on your commute in California. Assembly Bill 2628 in California allows some hybrid car owners access to the High Occupancy Vehicle (HOV) lanes regardless of the number of passengers in the car.New Federal regulations regarding vehicle mileage will change the mileage estimates on stickers.
Do hybrid vehicles save owners money in the long run with better gas mileage when compared to other vehicles?
No, the additional cost of hybrid vehicles nullifies the cost savings in gas. According to Smart Money, hybrid cars cost 25 to 35 percent more at the dealership and save consumers little at the pump.
Smart Money declares:
Consumer Reports compared the 2003 Honda Civic Hybrid model, which gets 36 miles per gallon and sells for roughly $21,000, with the 2003 Honda Civic EX, which gets 29 miles per gallon and sells for an average of $18,500. The results? Not including the tax break (which would vary depending on one's income), it would take you 21 1/2 years in gas savings to pay back the extra money you initially laid out for the hybrid, says Consumer Reports' Shenhar. With the tax break, it would still take four years to break even.
That is right. Consumer Reports found that it would take 21 1/2 years to break even with the Hybrid.
Here is an updated list of the federal incentives:
Make Model Tax CreditFord Escape Hybrid (2wd) $2,600Ford Escape Hybrid (4wd) $1,950Honda 2006 Accord Hybrid* $1,300Honda 2005 Accord Hybrid $650Honda 2006 Civic Hybrid (auto) $2,100Honda 2005 Civic Hybrid (auto) $1,700Honda 2005 Civic Hybrid (manual) $1,700Honda Insight (auto) $1,450Lexus GS 450h $1,550*Lexus RX 400h $2,200*Mercury Mariner Hybrid $1,950Saturn Vue Green Line$650Toyota Camry Hybrid $2,600*Toyota Highlander Hybrid $2,600*Toyota Prius $3,150**2006 Honda Accord Hybrid AT without updated control calibration qualifies for a credit amount of $650.* Credits for Toyota hybrids no longer qualify for the full amount indicated here. See bolded message below.Upcoming Models (based on estimated specs)Chevrolet/GMC Silverado/Sierra $250Chevrolet/GMC Silverado/Sierra $250Nissan Altima $1,300
Sources:http://www.hybridcars.com/tax-deductions.htmlhttp://hybridcars.about.com/od/politics/Policies_T hat_Affect_Hybrid_Cars.htmhttp://www.smartmoney.com/consumer/index.cfm?story =20031126
