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19 September 2022

Automotive

Used Car Shopping? Why Hybrids Could Be A Great Option

In the current state of the world, the climate is—understandably—a hot-button topic. With the weather having lost its once-held sense of predictability, leading to dire effects around the globe, many countries have set aggressive goals for reducing harmful greenhouse gas emissions, including introducing a slew of green energy initiatives. One of the most prominent and widely discussed (considering recent gas price surges) has been electric vehicles and the slow phase-out of gas-fueled ones.

For those looking for a first or second vehicle, buying into this certainty may be well outside their budget—particularly those looking for something used. Even though companies are increasingly addressing the cost barrier to entry with new models, getting your hands on one could be an unreasonably long wait.

That's where Hybrids could be the perfect solution; the best of both worlds, it gives drivers the cost savings and flexibility of EVs (without the same price tag) while offering the reliability of using traditional gas.

How does it work? Simple. Hybrids use two engines—an electric one and a conventional one. The cars charge the electric battery through regenerative braking, which uses the kinetic energy created while driving the vehicle, storing it in a battery. This electricity powers the car at low speeds, while the gas engine kicks in at higher speeds; this conserves fuel and produces less CO2 emissions.

Here are a few of the advantages of choosing a Hybrid vehicle:

Greener in every way possible

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Less fuel use is excellent news for the planet—and your bank account. Rightfully so, it's one of the main benefits of driving a hybrid. Not to mention, due to its lightweight construction, even hybrid vehicles' manufacturing is greener.

It never hurts to have incentives

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While not a given across the board, there is a chance that the insurance premiums for your hybrid vehicle could be as much as 10% lower, with numerous providers rewarding drivers trying to reduce their environmental impact.

No expensive home charger is necessary

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A hybrid's battery doesn't need to be plugged in to be charged; that's where the savings come in—allowing you to simultaneously consume less fuel while getting some of the benefits of an EV (without adding any pressure on your home electricity bill, of course).

Enjoy a reduction in the cost of ownership

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Are you travelling shorter distances with frequent stops? The electric motor takes over and reduces the strain on the combustion engine. Long term, this means lower maintenance costs, as the electric battery gives your car a reprieve from the annual stress of city driving, in essence, prolonging its lifespan.

A used Hybrid can be a great gateway vehicle for anyone looking to get their feet wet in EV ownership without ditching petrol cold turkey. And assuming you're already in the market, it’s a great way to move forward while relieving some of the agony Canadians currently experience at the pumps.

Are you thinking of purchasing a used vehicle? Contact LendCare today and find out how we can turn the upfront cost into more manageable monthly payments.