This video discusses the financial benefits of owning a plug-in hybrid electric vehicle (PHEV). It covers various aspects such as lower fuel costs, reduced maintenance expenses, and potential tax incentives. The video also compares the costs of owning a PHEV to those of traditional gasoline vehicles and highlights the long-term savings potential.
Like any major purchase, there are ownership costs to consider when choosing a plug-in hybrid or PHEV. But there's good news, because owning a plug-in hybrid could actually reduce your costs over the years. Despite having more components that could need maintenance, plug-in hybrids can cost less to maintain and repair than traditional internal combustion vehicles. The gas components of a plug-in hybrid share the same maintenance requirements as traditional gas vehicles. However, the electrical components of the car are a lot cheaper to maintain, because there are fewer moving parts. You'll also save money thanks to the regenerative braking function. This significantly reduces the wear and tear of the braking system, specifically the brake pads and rotors. The more you drive in electric mode, the more the vehicle's gas components will remain idle and require less maintenance over time. If you've looked at electric vehicles, you may have noticed they tend to currently have a higher manufacturer's suggested retail price than traditional gas vehicles. The biggest reason for the higher price tag is the expense of the battery packs. However, plug-in hybrids have smaller batteries, so they can be a more affordable alternative to a fully electric vehicle. Fuel costs will depend on how consistently the internal combustion engine remains unused. Electricity has the benefit of being more price-stable and a cheaper fuel source than gasoline. Drivers can even get discounted electric rates to lower fuel costs even more. For now, plug-in hybrids offer a middle ground for drivers who might be intimidated by the initial cost of all-electric cars, but are interested in becoming more eco-friendly, fuel-efficient, and cost-effective with their transportation expenses. Thanks for watching. Be sure to subscribe to our YouTube channel to get recommendations for other useful content on green cars and how they can work best for you.