Hybrid vehicles continually increase in popularity as petrol prices soar. While fully electric cars will revolutionize the automotive industry, hybrid cars are the best current alternative to petrol-guzzlers. Typically, used hybrids retain the majority of their value and rise and fall in price depending on the national petrol-price average.
Used Car Comparison
2010 Hyundai Accent
Two cars with similar starting values, the 2010 Toyota Prius and the 2010 Hyundai Accent, the former being a hybrid and the latter a midsized sedan, were compared in 2012 for their resale value. A 2010 Prius retained a value of close to $23,000, while the Hyundai Accent barely hit $9,000. These were both certified pre-owned vehicles, typically the only kind found in the used car market.
2010 Toyota Prius
Fuel Saving Differences
If you plan to purchase a used hybrid, the best time to buy is when petrol prices are at their lowest. When comparing a used hybrid with a typical used compact car, the difference in fuel costs each year are only about $1,000. In the example above, the Hyundai Accent gets an estimated 6.9 litres per 100 kms, while the Prius gets 51 MPG. It would take approximately 15 years to make up the difference in car price with fuel savings at the average fuel price of $4.50. While used hybrids are good at holding their value, purchasing them when they’re in-demand could mean that you’ll pay more in long-term fuel costs than in the value of a similar compact vehicle.
Many new hybrids come with 120,000 km warranties for their electric motors and batteries. These warranties are transferable to new owners before the end of the life of the warranty. Because these warranties are transferable, many sellers are able to boast the added benefit of a protected battery investment. New hybrid batteries are approximately $3,000.
As mentioned earlier, certified pre-owned vehicles retain much more value than those sold privately. Toyota introduced a program in 2009 to inspect all of their Prius line with a 160 point inspection before approving them for “certified pre-owned” status. This additional benefit assures customers that the vehicle they’re purchasing from car brokers (like this one http://www.carsearchbrokers.com.au/ ) is still running as smoothly as the day that it was originally purchased and any necessary upgrades are made to keep the car running safely. For first time buyers of a used Hybrid, buying a car that has been inspected by the original manufacturer is much smarter than purchasing a potentially cheaper vehicle on the private used car market.
New Car Financing
Because most hybrids retain their value well into their life-cycle, many dealers are struggling to sell new hybrids on the lot. To compensate for this shortcoming, some car brokers have started offering financing plans to customers looking at used Hybrids that were once only available to new car purchases.
Buying a used hybrid may be expensive on the front-end, but the cost savings from additional warranties, increasing fuel prices, and resale values more than make up for the purchase of a used hybrid over the long term.