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Is a hybrid worth more than electric cars?
I’m an investor looking at funding a mechanics business. He wants to buy vehicles and flip them. I think he should flip them into hybrids, but he wants to turn them into electric vehicles, and I want to know what business model will make more money. Is a hybrid worth more than electric cars?
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! Electric vehicles sell for more than hybrid vehicles. Electric vehicles are also more attractive to potential buyers than hybrid vehicles because of their potential in the market, their simple design and operating capacity, and the money saving potential inherent in EVs.
If you’re looking at selling or buying vehicles, electric vehicles command a higher price than hybrids. This could be due to their long-term potential.
EVs are seen widely as the vehicles of the future. Most states offer tax incentives for buying an electric vehicle, making them a better investment. Some
states
are also considering legislation that will make gas vehicles obsolete. Electric vehicles have a simpler design than hybrids. EVs use only electricity, storing it in their battery pack and using it to power the electric motor that turns the wheels.
Hybrids
have both an Internal Combustion Engine (ICE) like a regular gas powered vehicle, and a battery pack and electric motor. This amalgamation of technologies means they’re much more complicated, because they have the systems of both a gas powered vehicle and electric vehicle.Electric vehicles are also more attractive to buyers than hybrids because of the money they can save. The average household saves $800-$1,000 a year on gas by switching to electric.
Although hybrids use less gas than regular gas vehicles, gas and maintenance are still costs buyers have to consider when weighing between hybrid or electric vehicles.
No matter whether you drive a hybrid or fully electric, you need affordable insurance.
Jerry
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