Used Hybrid Cars: To Buy Or Not To Buy, That Is The Question

By Author: Elle Perkins
Total Articles: 36
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The global economic slump is not all bad news. For one, it has made many industries - from fashion to food to manufacturing, more creative in balancing price and quality in many of their product and service offers. For another, the sluggish economy around the world has introduced a counter-culture to extravagance and reckless spending. People have become more and more bent towards financial discipline. Many would even proclaim that cheap is the new chic.

This cheap as the new chic philosophy has seemed to extend in today's choice of cars. The used hybrid cars that were cheaper and practically ignored last year are now selling like hotcakes, even at higher price tags. Some people however prefer to call these vehicles in a more sophisticated way - pre-owned hybrid cars.

The popularity of used hybrid cars are even more propped up with fluctuating gas prices, the uphill price trends for hybrids and more fuel-efficient small cars, and a shortage of new, popular and fuel-efficient cars supply relative to spiking demand. But are used hybrid cars going to be cheaper for you in the long run? After all, used ...
... items are usually sold at bottom prices aren't they? Just look at flea markets. But let's take a closer look at the figures, instead of just relying on our common sense.

The Black Book, which compiles new- and used-car data for the industry, specifically for model years 2002 through 2008 that dealers purchased at auction from Jan. 1 through June 16, 2008, reports that the new 2008 Prius is in short supply. Buyers who settle with the older model, the 2007 Prius paid an average of $21,850, or $1,900 more in mid-June than they did in January 2009. This alone constitutes a 9% increase within a six-month period.

It is typical for used cars to depreciate annually in value from to 14% to 16%. Industry specialists say that for a vehicle to remain in value or appreciates is rather unusual. Which makes it baffling why used cars increase by as much as $1,900.

Among the used cars that made it to the top list of The Black Book in reaping more buyers are the following: (1) the Mini Cooper with four model years, including 2005 ($1,900 average transaction price increase, or 11%); 2006 ($1,600 average transaction price increase, or 10%); and 2004 ($1,050 average transaction price increase, or 7.4%); (2) the Toyota Prius hybrid, with four model years, along with the 2007. Its 2006 model saw a $1,600 average transaction price increase (8.5%); the 2005 jumped $1,200 in price on average (7%); and the 2004 jumped $800 in price (5.2%); (3) the 2007 Honda Civic Hybrid ($1,550 average transaction price increase, or 9.4%); (4) the 2008 Mariner ($1,550 average transaction price increase, or 6%); (5) the 2006 Honda Civic Hybrid ($950 average transaction price increase, or 5.5%); (6) the 2006 Suzuki Aerio ($900 average transaction price increase, or 11%); (7) the 2004 Toyota Corolla ($400 average transaction price increase, or 4.3%); (8) the 2007 Nissan Versa ($400 average transaction price increase, or 3.4%); and (9) the only SUV to make the list is also a hybrid, the 2008 Ford Escape ($700 average transaction price increase or 3%).

The balancing act you have to do in deciding whether buying a used car is for you is whether you can afford to pay more now for a fuel-efficient used car that will likely offset the long-term cost of gas for a standard car.

Of course, buying a used standard gas-guzzler at cheaper prices may be tempting, but buying a higher-priced hybrid used car will cushion you from fluctuating gas prices and its unstable source.
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