As the price of gas continues to climb, many people are taking another hard look at hybrid vehicles. But is it a smart move? Hybrid vehicles range in size from compact economy sedans to nine-passenger full-size SUVs. And cost anywhere from under $20,000 to over a $100,000.
With prices at the pump putting a pinch on your bank account, you might be thinking about buying a hybrid. But experts say now may not be the best time to buy. They say with gas prices where they are now, it may not necessarily make sense to go out and buy a hybrid because you have to pay a hefty premium up front. Up to 20 percent more than their all-gas counterparts, according to Edmunds.com. At that price, it could take longer than five years to recoup the cost.
Hybrid dealers say despite this, they're seeing an increase in trade-ins for fuel-efficient vehicles. One Kelley Blue Book analyst says if you have to get a new car and you're looking to save some cash, your best bet is a compact or sub-compact car.
Click here to learn whether buying a hybrid is right for you.