subject: Does It Really Save You Money? [print this page] Cost Associated with the third Car Cost Associated with the third Car
Before you buy any second car, you need to consider the additional costs. Its not just the cost of another car payment (if you borrow to get your car). You also need to think about the additional fuel costs, as well as the added insurance costs. If you are thinking about getting a third car, you need to consider the added costs. In our case, we had saved up for a down payment, and we had planned for the third car. We were prepared for the added cost. And, since we got our Prius at a discount, we didn't pay the premium for the hybrid. We came out ahead. However, I'm not sure that would have bought it without the discount. Since then, though, the prices for some hybrids have gone down, and there are used hybrids on the market, making them a little more cost efficient to buy.
How Much Do You Really Save with the Hybrid?
My husband and I bought a Toyota Prius in 2008. We finally decided that we were ready for a second car. Public transportation in our locale is inconvenient, and the nearest stop is more than a mile away. We had planned on buying a third car for a while, and knew how much we wanted to spend. We ended up getting our Prius for quite a bit below invoice, due to a pricing error on the dealer's web site; without that discount, we probably would not have bought a hybrid, since the price was higher.
We didn't spend extra,since we had budgeted for the purchase. And we have saved money in fuel costs. Indeed, after one year, we did the math and found that we had saved $350. However, if we had paid full price for the Prius, it would have taken almost 9 years to recoup the cost beyond our budgeted amount in gas money saved.
Before you buy a hybrid to save on gas, it's a good idea to consider your true savings. Figure out whether or not you will truly save money. Will you save enough money in gas to justify the purchase? If you have a plug in, you will also have to consider the cost of the increased power use in your home. You may save in gas, but you will pay more on your home power bill.
In the end, the decision is yours. Before you buy a hybrid, carefully think about why you want one, and whether or not it will save you enough money to make it worth the cost.
