When it comes to shopping for an auto, customers in today’s market have plenty of choices. They can select a hybrid in almost all of the auto style segments including SUV’s Sedans and luxury autos from 4 cylinders to 6 cylinders. From what the experts are saying, hybrid-electric auto sales volumes are predicted to grow by 260+ percent between 2005 and 2012. That represents a growth from approximately 210,000 autos in 2005 to 780,000 by 2012. The hybrid-electric auto market has grown from two models and fewer than 10,000 autos sold in 2000 to 11 models and an estimated 210,000 auto sold in 2005.
What is creating all this demand? Aside from all the network news and media coverage of global warming, crude oil prices have skyrocketed over the last few years. The prices we all pay at the pump, as a result of shortages and our greater awareness of the global economy has made a impact on our way of life to some degree. Now that you add in the price we pay to protect our environment, more people are find themselves motivated to select alternative energy driven autos.
First let’s take a look at the tax benefits
As of January 2006 the federal government is offering tax breaks on a newly purchased hybrid auto. Many of the states are also planning to introduce such tax breaks. There is no standard tax deduction that each and every hybrid auto owner can use. There is a complicated formula provided by the IRS to evaluate your tax break depending upon the car you own. Remember the deduction is only a one time claim in the purchase year. There are certain restrictions too, such as:• Purchase and take delivery of a qualifying auto on or after Jan. 1, 2006 – This may have expired as of April 2008 so check it out before hand.
• Purchase the auto new, not used.
• Purchase the auto with the intention of using it, not re-selling it.
Then there is fuel efficiency awareness and reduction
This is a major factor why the hybrids are being considered. All the hybrids that are currently available give an average 10 – 20 miles per gallon more as against the regular gas EPA estimate. This means the hybrid auto or SUV would require fewer trips to the gas stations reducing your total fuel bill. It saves fuel when idling as it does not use the gasoline engine but instead, it shifts to use the electric motor and batteries. Hybrids autos use regenerative braking to recover energy every time you hit your brakes and transfer it back to the battery.
Car design is an important component
Hybrid autos are incorporating aerodynamic design to help reduce drag. The reduced frontal area help reduces the drag on the auto when it moves through the air as it pushes down the road. With the increase in the popularity of the hybrids, you can purchase them with the conventional designs or you can select newer models and designs. The tires are low rolling and made of unique resistant rubber, which reduces friction on the road.
Low emission can reduce your footprint
As the hybrid auto has low a consumption of fuel, it burns lesser fuel and therefore causing fewer emissions. Hybrid autos are known to reduce emission by 90%.
Engine efficiency ultimately saves you money
Hybrid autos have two engines: electric and combustion. These engines are smaller in size and are made from light-weight material which improves the efficiency of the engine.Although fuel efficiency still remains as the primary reason for the purchase, the other reasons we listed seem to be real factors that seem to be making a difference in why people are selecting the hybrid auto over standard models.
How do you feel about hybrids?