With Gas Prices So High, Some Hybrids Pay for Themselves Immediately

The Ford Maverick and Lexus NX will start saving you money the first time you fill up, CR’s analysis shows

By Keith Barry

Data Analysis by Anita Lam

Published March 9, 2022 | Updated August 24, 2022

Even as gas prices fall from record levels, car buyers looking to save money on fuel would be wise to consider a hybrid, a new Consumer Reports analysis shows. Although most hybrid vehicles cost more to buy up front than their gas-only counterparts, our analysis shows that many hybrids will save you more money in the first three years of ownership, even if gas prices continue to drop. For some vehicles, such as the Ford Maverick pickup truck and the Lexus NX SUV, the payback period is immediate because of the hybrid version’s lower purchase price.

“There’s never been a better time to buy a hybrid,” says Jake Fisher, senior director of CR’s Auto Test Center. Automakers are offering more hybrid options in more categories, which means more people can take advantage of the fuel savings. “It’s not just the Toyota Prius anymore,” he says. “Today’s consumers can choose hybrid pickups, two- and three-row SUVs, large cars, minivans, and luxury cars that offer excellent fuel efficiency.”

Hybrid vehicles combine a gasoline engine and a battery-powered electric motor. Unlike fully electric vehicles, they do not need to be plugged in.

For our analysis, we compared the manufacturer’s suggested retail price (MSRP) of similarly equipped hybrid and nonhybrid versions of some popular vehicles across categories and found that fuel savings could make up for many hybrids’ additional up-front cost in less than four years of ownership. If gas prices fall to $3 per gallon, the payback period would still only rise to four or five years. Many newer hybrids offer an even quicker payback: The Ford Maverick hybrid XLT has an MSRP that’s $2,960 less than the nonhybrid XLT, and the Lexus NX350h costs $175 less than the gas-only NX350 version.

“You don’t have to buy an EV to reduce your exposure to high gas prices,” says Chris Harto, senior energy policy analyst at CR. “Buying an efficient hybrid can help buffer your monthly budget from the wild swings caused by volatility in global oil markets.”

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