Hybrid vehicles, which combine gasoline and electric motors, are gaining popularity among consumers who want to save on gas but aren’t ready to make the switch to fully electric cars. According to a forecast by The Kiplinger Letter, hybrids are expected to account for 14 percent of vehicle sales in 2024, up from 9 percent in 2023.
There are several reasons why hybrids are in vogue. One factor is the improved engineering of hybrid models. Keith Barry, an expert at the Consumer Reports Auto Test Center, points out that hybrid versions often outperform their gas-only counterparts in road tests. This is due to the instant torque provided by the electric motor.
Another reason for the popularity of hybrids is the wider selection of models available. Buyers now have more options to choose from, making it easier to find a hybrid that suits their needs. Additionally, the price premium for a hybrid compared to a gas-only model has decreased. This makes hybrids more affordable and appealing to a wider range of consumers.
Compared to fully electric vehicles, hybrids also offer a smoother transition. There is no learning curve or need to find new places to refuel or install new equipment. Brian Moody, an editor at Cox Automotive, explains that buying or driving a hybrid does not require any new skills or adjustments.
For consumers who are undecided between a conventional hybrid and a fully electric vehicle, a plug-in hybrid vehicle (PHEV) can be a good compromise. PHEVs can be charged from the grid, just like fully electric cars. While the electric range of a PHEV is shorter, they also have a gas-burning engine, giving them a much longer total range. This addresses the concern of “range anxiety” that some electric vehicle shoppers have.
To make the most of a PHEV, it is important to charge it frequently. Joseph Yoon, a consumer insights analyst for car website Edmunds.com, advises that most plug-in hybrids need to be plugged in every night to be practical. Failure to do so diminishes the advantages of owning a PHEV.
It’s worth noting that PHEVs come with a higher price tag compared to gas-only models and conventional hybrids. This is because they require larger and heavier batteries, which can compromise cabin space and driving quality. Additionally, some PHEVs have not achieved their advertised fuel economy figures in real-world driving conditions, particularly high-end performance and luxury models.
One significant benefit of PHEVs is that they qualify for the same federal tax credits as fully electric vehicles. This can significantly reduce the price of a PHEV by $3,750 or even $7,500, making them more affordable for consumers.
In conclusion, hybrids are gaining popularity due to advancements in engineering, a wider selection of models, and decreased price premiums. PHEVs offer a compromise for those who are unsure about fully electric vehicles, providing a longer total range while still being able to charge from the grid. However, it’s important to consider factors such as the need for frequent charging, potential compromises in cabin space and driving quality, and the eligibility for federal tax credits when considering a hybrid or PHEV.
