Dealers raise prices on hybrid cars — plug-in or not — that are getting steeper and steeper, which could eliminate the reduction in cost of ownership due to their increased fuel efficiency.
CarsLive reports that a California dealer has added $10,995 for the redesigned 2023 Toyota Prius Prime plug-in hybrid, bringing the advertised price from $36,649 to $50,644 before taxes and fees, as well as any any reseller add-ons.
Another California dealer applied a flat $3,000 increase to each Honda Accord Hybrid and Honda CR-V Hybrid in stock, but did not apply the increase to the non-hybrid versions, according to CarsDirect.
Honda Accord Hybrid 2023
Some hybrids are also receiving higher interest rates, CarsDirect reported. According to a dealer news release, Hyundai is offering APR rates as low as 0% on the non-hybrid versions of the Tucson and Santa Fe, but a much higher APR rate of 5.99% on the hybrid and plug versions. -in hybrid.
These markings can erase the cost-of-ownership advantages of hybrids. In addition to better fuel economy than comparable non-hybrid models, hybrids also have lower overall repair costs than non-hybrid vehicles, over the past several years. A 2015 study found that repairing the hybrid has become cheaper than other cars. A 2020 study found that low cost of ownership is part of why Toyota hybrid owners keep their vehicle too long.
2023 Hyundai Tucson Plug-In Hybrid
Price of used hybrid cars or types increased sharply last yearand is still not stable at previous levels, so it may not be a viable alternative to marked new cars. Regarding the new vehicle, if you can navigate the markings, there are some impressive cost of ownership values that pack 40 mpg and all-wheel drive for less than $30,000. And take advantage Eco mode of hybrid can help with earlier payback by maximizing mpg.
However, for many shoppers, electric vehicles will have the lowest long-term cost of ownership. There also seem to be more deals on electric vehicles right now, though that could always change.
