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Cheapest Way To Buy A Hybrid Car

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The Cheapest way to buy a hybrid car

Are you in the market for a hybrid car and not sure how to fund it? You’re probably not alone. More drivers than ever are seeking more eco-friendly ways to get around and hybrid cars can be a great compromise between traditional combustion engines and fully electric powertrains. With the petrol and diesel ban coming in 2030, where the sale of new petrol and diesel cars will be banned, more consumers are turning to alternative fuel sources to help reduce the rate of climate change. No could be the best time for you to reduce your carbon footprint and get a car that will be better for the environment and your pocket. Let’s take a look at the cheapest way to buy a hybrid car. 

How do hybrid cars work? 

Unlike fully electric cars, hybrid cars still involve petrol or diesel engine. Hybrid cars are powered by two means of propulsions, an electric motor, and a petrol or diesel engine. Most commonly, petrol engines are used alongside a small electric motor. Hybrids fall into three categories; full, mild, and plug-in hybrids. Full and mild hybrids can be used to assist the petrol or diesel engine but can’t be used independently and can be recharged through regenerative braking. Plug-in hybrids on the other hand tend to have a larger electric motor and can be used independently. This means if you only travel within the range of the electric motor each day, you could benefit from a fully electric vehicle and recharge it at home overnight! Plug-in hybrids can be recharged at home or at a designated charge point by taking electricity from the national grid.

New vs used hybrids

When it comes to getting a hybrid car, you may be unsure whether you should go for a brand new or second hand car. In short, if you have the budget, it’s a no-brainer that a brand-new hybrid car is the one for you. One of the cheapest hybrid cars in the UK is the Toyota Yaris which starts from around £20,000. Many people don’t have this sort of money to hand unless they’re getting hybrid cars on finance. If a second-hand hybrid car is what you’re looking for, you could get a better deal. It’s worth checking the battery charging range of the car you want to purchase as hybrid cars can lose up to 30% of the battery efficiency after seven years. 

How do government grants work? 

Unfortunately, for those looking to purchase a hybrid car, the UK government has closed applications for grants on hybrid cars. As of June 2022, you will no longer be able to get money off the purchase price of a new hybrid vehicle. The government is instead putting the focus on fully electric grants, more charging networks, and the main barriers to EV transition. 

Buying a hybrid with cash

When it comes to getting a car, it’s usually correct that cash is king. It’s the same for hybrid cars too. Buying your vehicle with cash can be the most straightforward and cost-effective way to fund your next car purchase. However, hybrid cars use more modern and complex technology so the purchase price of a brand-new hybrid may be out of reach for many. You’ll also be looking at a second-hand hybrid car for around £6000 which can still be expensive to purchase outright. 

Financing a hybrid car:

Choosing to finance your hybrid can help to spread the cost into affordable monthly repayments. There is 3 main car finance agreement that you can use to finance a hybrid car. 

  • Personal loan. Personal loans are when you borrow a set amount from a lender to purchase anything you want. You can use a personal loan to cover the full cost of your chosen car or part of it and buy the car from a dealer or private seller. You then make monthly payments to an agreed term with interest. Personal loans can be a great option to buy a used hybrid car and own it outright. 
  • Hire purchase. HP finance allows you to spread the cost of your chosen car into affordable monthly payments. You can put down a deposit or get a no deposit car finance deal and spread the rest over 1-5 years. Once you’ve made all your payments on time and in full, you have a small option to purchase fee to pay if you want to keep the car. 
  • Personal Contract Purchase. PCP deals are similar to hire purchases, but you don’t spread the cost of the full car and instead pay off the rate of depreciation. This can be an affordable way to get a hybrid car and pay for it over 3-5 years. At the end of your car finance deal, you can then choose to hand the car back to the dealer, pay the balloon payment and keep the car or use the value towards a new car on PCP. 

More on this topic:

Everything You Should Know About Hybrid Cars

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