Finances and hybrids or electric vehicles...

[snyder66]

When does it make sense to switch to a hybrid or electric-type vehicle?

[CarDude]

From a purely financial perspective, when your expected total cost of ownership (fuel, maintenance, insurance, registration) is less over your expected total span of ownership with the hybrid / electric than with a comparable gas vehicle.

[Cpa Cat]

What you want is a break even calculator. You can find them if you Google "break even hybrid." You will also find an array of articles indicating that not all hybrids are created equal.

Research is definitely required, because the answer is - it varies.

And if you don't drive a lot - then it's possible that you never really break even on a hybrid.

[TreeTired]

I was just thinking about that today,  because even tho my wife and I are not working, we are driving a lot,  and a lot more than I thought we would be, and our 09 Honda CRV gets ok-but-not-spectacular gas mileage Much of it is volunteer miles, which produce a measly 14 cent per mile tax deduction.   I wonder what tax credits are still available on electric or hybrid vehicles, but based on our low income the tax credits might not help us.

[Nords]

When does it make sense to switch to a hybrid or electric-type vehicle?

If you're talking about the payback on the cost of the gas, it makes more sense to buy a VW with a diesel engine that has auto-shutoff at idle.

Even here on Oahu, with gas prices hovering at $4/gallon, a Prius is priced just outside of payback.  Last time I checked it was greater than 10 years.

I think the most sensible switch to an electric vehicle would be when you can recharge it with your home's photovoltaic panels, or if you have reliable access to free charging stations at work or from a company like Volta.

[Jamesqf]

wonder what tax credits are still available on electric or hybrid vehicles, but based on our low income the tax credits might not help us.

You're only going to get tax credits if you buy new.  Do we need to explain why this is unMustachian?  Payback on a used one will depend on model & price.  I don't know enough about prices of the older Prius to guess at payback.  A 1st gen Honda Insight could pay back in a few years - mine has, anyway.

[sol]

I ran the numbers on this last month, and decided it wasn't worth it for us.  There are just too many reliable family cars that already get 30+ mpg available for under $10k to make a $25k hybrid economical unless you drive A LOT of miles.  And in that case, if you're worried about your environmental footprint then you're much better off figuring out how to drive less, not figuring out how to burn less gas while driving too much.

[Emg03063]

Best payback I have figured is to buy a used (2004 or later) Prius for about $5k, and convert it to a plug in.  http://www.enginer.us has the best ones I've seen on line (based on their published data & cost--I can't speak to the accuracy of their claims or the product reliability).  There's a payback calculator on the website.  In any event, if you can park the car and ride the bike, that's generally going to be the better option.

[Jamesqf]

I ran the numbers on this last month, and decided it wasn't worth it for us.  There are just too many reliable family cars that already get 30+ mpg available for under $10k to make a $25k hybrid economical unless you drive A LOT of miles. 

But you've got a bit of an apples/oranges thing there.  Of course a sub-$10K conventional used car beats a new $25K hybrid, just as it beats a new $25K conventional car.  Does it beat a sub-$10K used hybrid, though?