Hybrid cars are hot. They are popular and trendy and at the same time, they are environmentally savvy. Even television and movie celebrities love to be seen in these "green" cars. More and more automakers are starting to catch on to the hybrid car craze by offering more styles and more choices of hybrid cars. In addition to being good for the environment, and needing less maintenance than a conventional car, hybrids have excellent resale value.
Some critics of hybrid cars believe that the price of a hybrid car does not necessarily save the buyer any money in the long run. Not so, say those that support the hybrid. Many times a used hybrid car can sell for as much or more as a brand new hybrid. With a hybrid car, buyers do not always immediately lose that 30 percent of the value the minute they drive off the lot.
When considering a hybrid car, think about this: The starting price for a brand new 2005 Toyota Prius with standard features is listed at $22,546 including shipping. The Kelly Blue Book lists a used 2005 Pruis four door hatchback with standard features for $25,470. That is excellent resale value for anyone.
Edmonds lists much of the same information on hybrid cars. It lists the same Toyota Prius compact sedan at $21,275 and a used 2005hybrid Prius bought from a dealer at $23,277. Not all hybrid cars, though, are expecting to hold such good value on the used market. The resale value of the Honda Insight has been much lower than that of the Prius. Currently, the Prius seems to be the hybrid with the best resale value.
Toyota expects the sales of certified used Prius hybrid cars to double in 2006. Many are left wondering if the resale values of hybrids are because they are trendy or because they are a good buy. Why do hybrid cars have such good resale value?
It is possible that the hybrid has such a good resale value at the time because gas prices are up. Fuel prices always affect the type of car many people drive. Large cars and SUVs tend to guzzle gas. With a hybrid, buyers can expect lower gas prices at the pump. The resale value for hybrids could also be so good because the cars are popular, resulting in longer waiting lists for the cars. Toyota estimates that there are currently around 22,000 Prius cars on backorder.
Consumers also want to feel good about their vehicle purchase. With a hybrid car, drivers can be one of the growing numbers of people who want a trendy, stylish car with the newest technology while being good to the environment. Many carmakers are offering more styles of the hybrid cars. The Prius is not the only option. Ford offers a small hybrid SUV. Buyers can also purchase a Honda Civic hybrid. GMC and Chevy are currently making two hybrids pick up trucks called the C15 Silverado and the C15 Sierra. The Honda Accord and Toyota Camry are also available in hybrid varieties. In the near future, Saturn, Lexus, Honda, and Chevrolet will make hybrid SUVs available to the public. In addition, Chevrolet will offer their Malibu in hybrid form in 2007. Now since so many hybrid cars are available on the market, drivers can choose a style that suits their needs best, which often increase the demand. Drivers no longer have to sacrifice style for more efficient cars.
The newest in car technology accounts for the reason why many want to buy hybrids. They can expect to pay less at the gas pump for a car that need less maintenance for wear and tear. A hybrid runs more efficiently, too. This cuts down on wear and tear on parts, making the resale value attractive to many consumers.
It is estimated that hybrids currently account for less than one percent of the cars sold in the United States. Because they are growing rapidly in popularity and because many new makes and styles are available, the growth continues. Sales of larger SUVs and cars are on the decline. Over the next several years, more people will drive hybrid cars, making the resale value important to consumers.