Going Hybrid (18 Months Later), An Amazon Tip, and Picks of the Week
Going Hybrid (18 Months Later), An Amazon Tip, and Picks of the Week
Welcome to Saving Money with Andrew!
In 2021, we bought a Honda CR-V Hybrid, paying about $2200 more than the non-hybrid model. Was it worth it? And does it make sense to go hybrid (or pure electric) for your next car?
It’s easy to assess our decision. Our other car was a regular 2020 CR-V, which did 22mpg in real-world driving. The hybrid does almost 36mpg.[1]
During this time, gas prices have fluctuated widely, ranging from $2.75-4.75/gallon here (they’re about $3.60 today). On average, we have saved just over $600/year, meaning the purchase will have paid for itself in just under four years, an implied rate of return of about 20% over 10 years of ownership assuming flat gasoline prices. In addition to saving money, there are three major benefits:
We’re using 174 fewer gallons of gas per year, reducing our annual carbon footprint by 1.5 tons
A full tank lasts us 500 miles, significantly reducing trips to the gas station
The ride is smoother and quieter, with the electric motor kicking in at low speeds, and acceleration is slightly better.[2]
Does the math still make sense today at current gas prices, which have declined in recent months, and higher car prices? Yep. Even with the hybrid CR-V now retailing for $2700 more than the regular model, the investment pays for itself in just over four years. The extra benefits are just a bonus.
If you’re not ready to go electric (our other car is electric, but we like having one car we can fill up at the gas station), a hybrid option is well worth considering, and it’s easy to do the math on whether it’s worth it. Just compare the fuel efficiency between the hybrid and the regular model, estimate how many miles you drive per year, make assumptions about future gas prices, and see how long your payback period is (or, if you’re a bit more quantitative, calculate the implied rate of return on the investment in the hybrid model like I do in the model below).
I’ve included some math on the current comparison between the 2022 Honda CR-V and hybrid CR-V at the end of this post. Of course, the result will vary based on the real-world price of each.
Next, An Amazon Tip
Like most readers, I shop at Amazon constantly. But often, if you see a big ticket item from a third-party seller, it’s worth checking the third-party seller’s own website (just Google it) to see if the price to buy direct is lower than the Amazon price.
One great example came last week, when I was buying a new robot vacuum for my parents as a gift. I was about to get them a Eufy Robovac 11S Max (simple, effective, no need for a smartphone app) on Amazon for $185.99, net of a $64 off coupon.
But I briefly checked Eufy’s own website, where it was available for $149.99 with a $100 coupon, saving a quick $36 in the process. Why would it be cheaper there? On Amazon, Eufy has to pay a commission as a third party seller (generally ranging from 8-15% plus other fees). But selling directly saves them this fee, and in this case they passed part of it on to the consumer.
And now, Andrew’s pick(s) of the week:
Seymour: An Introduction is a great story about music, fame, and finding fulfillment in life. While it’s available on Amazon, you can watch it for free at Kanopy, which is a terrific (and legal) website with tons of free movies. All you need to do is to enter your library card number.
Also:
‘Not the Place to Be’: Young Professionals Are Leaving New York
Chess Investigation Finds That U.S. Grandmaster ‘Likely Cheated’ More Than 100 Times
Disabled Americans Reap Remote-Work Reward in Record Employment
‘I Am Energy’: Inside the Bang Billionaire’s Reeling Empire
Historic Covered Bridge Eats Vehicles by the Dozens. ‘I Haven’t Seen a Truck Win Yet.’
How ‘The Phantom of the Opera’ Was Born
I hope this has been helpful. If you liked it, please share it on social media! Also, please send me your feedback, requests, and success stories.
[1] It’s a basic hybrid—we don’t need to plug it in.
[2] While it’s not going to win any races, the hybrid goes from zero to 60mph in 7.5 seconds, 0.3 seconds faster than the regular CR-V.
