With the cost of gas soaring, it’s not uncommon to hear people say, “I’ve really got to buy a hybrid.”
If your goal is to save money, this could be a disastrous move unless you needed a new car anyway. While you might save money at the pump, the cost of prematurely switching from a gas hog to a fuel-sipper would take years to pay off.
Why? You’re probably paying about $1 a gallon more for gasoline than you did a year ago. In a 25-mpg vehicle driving the average yearly mileage of 14,000, that would be $560 out of your pocket — enough to hurt.
But the average price paid for new cars has risen by 10 times that amount in the past year alone, topping $46,000 in October, according to Kelley Blue Book. Proportionately, used car…