Hybrids- This Could Be the Right Time
Is now the time to buy a hybrid vehicle?
It is definitely time to take a serious look at this technology. For starters, everyone's first question seems to be- can it save me money? One of the best ways to analyze your potential savings is to use the hybrid calculator. This will let you compare your current vehicle with a number of different hybrids and show savings based on different prices for gasoline.
So now you want to compare the price of a hybrid versus a similar non-hybrid vehicle. Typically, a vehicle with hybrid technology costs for $2-3,000 more. However, this can often be offset with savings from tax credits, deductions, and rebates equal to or even exceeding the increaded cost. For 2006, there are federal tax credits for hybrid vehicles. The Toyota Prius may provide a refund of $3150 on your 2006 return. The tax credits only apply to the first 60,000 sold of any model and Toyota will probably sell that many of the Prius by June. Also check with an accoutant for other issues, such as the alternative minimum tax. Many states have other incentives from rebates to the ability to drive in carpool lanes with only one person in a hybrid (California).
So, let's say you're still not sold. Maybe the finances still don't pencil out even accounting for what many feel will be continually increasing gas prices. How do you feel about being a good citizen on planet earth? Burning one gallon of gasoline produces 20 pounds of carbon dioxide! Driving a hybrid can save tons of carbon dioxide, the main driver of global warming, from our atmosphere. You will also greatly reduce other pollutants which cause a variety of problems from health issues to environmental damage.
Discussions of hybrids turn to a myriad of other issues from oil dependency to support for new technology. Combining practical efficiency with a bit of idealism makes the purchase of a hybrid the right choice- NOW!