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Electric Vs. gas vehicles: Which one is better? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you interactive financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare information for free - so that you can make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. But this compensation does have no impact on the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial offers that may be accessible to you. Thomas Barwick/Getty Images
8 min read published August 15, 2022
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-researched and well-studied facts that break down complex topics into manageable bites. The Bankrate promise
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There are money-related questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert guidance and tools required to make it through life's financial journey. Bankrate follows a strict , therefore you can be confident that our content is truthful and accurate. Our award-winning editors and journalists provide honest and trustworthy information to assist you in making the right financial choices. The content we create by our editorial team is factual, objective and is not influenced from our advertising. We're open about how we are in a position to provide quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or when you click on specific links on our website. This compensation could affect the way, location and in what order items are displayed within the categories of listing, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own proprietary website rules and whether the product is offered in the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this site. Although we try to provide an array of offers, Bankrate does not include the details of every credit or financial products or services. One in four new car shoppers now consider buying a hybrid or electric car similar to a traditional gas-powered option According to (KBB). Making the switch to electric -- or any alternative fuel vehicle -- can prove to be worthwhile both for your pocket and the environment. Before you head to the dealer, it's sensible to consider electric vehicles and be aware of the differences in cost of ownership. What exactly is an electric vehicle? The EV market has been growing in popularity in recent years, especially as the awareness of climate issues continues to evolve. This, combined with and steep gas prices have all led to drivers looking to save money driving electric. In contrast to the gas-powered cars that are commonly lining highways and parking lots, EVs have a motor which is powered by a battery. There are three types that are electric cars. The hybrid electric vehicle (HEVs) Powered by both an electric motor and the internal combustion engine, HEVs are able to compete with the power of traditional gas-powered vehicles with the benefit of improved fuel economy. There is no charge for an HEV as you would with its EV-powered counterparts, but instead batteries are charged by the engine. There are a large variety of models and makes of HEVs that are available in the marketplace. Some highly rated options as per KBB include those like the Honda Accord Hybrid, the Toyota RAV4 Hybrid and the Hyundai Elantra Hybrid. Plug-in hybrid electric vehicle (PHEVs) A plug-in hybrid is, as the name suggests it is a hybrid vehicle you plug in to charge. It is powered through an internal battery within the vehicle and recharged via an external cable. The PHEVs can also utilize an alternative fuel, which is typically gasoline for powering the internal combustion engine (ICE). This kind of vehicle utilizes electricity until it is spent and then taps into it's ICE capabilities. The choices for PHEVs can be a bit slimmer, but KBB's top choices are the Ford Escape SE Plug-in Hybrid as well as the Hyundai Tucson Plug-in Hybrid as well as the Kia Niro Plug-in Hybrid. Electric vehicles that are fully electric (EVs) Fully electric vehicle ups the ante and is completely powered by an electric motor- no ICE or additional alternative fuel source involved. These vehicles have a battery pack which powers the vehicle. It is charged in the same method to PHEVs. EVs are charged through a specialized outlet. While charging stations are accessible locally, it's important to remember the added costs for a station to charge, if you are you are considering an all-electric. KBBs favorite fully EV options include those like the Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. The cost of electric vehicles as compared to. gas vehicles Before you dive in the deep end of hybrid and electric cars, it is essential to know the cost differences between electric and gas. While it is true that driving an EV may have lower overall costs, the upfront price tag is an obstacle for some. Lately, buying a new car is costly regardless of its source of power. July 2022 was a record month for average prices for transactions on new vehicles of over $48,000, as reported by . However, the price of an EV is still higher than that of a gasoline-powered vehicle. According to the KBB estimation for the EV is over $60,000 -which is in line with the average luxury vehicle price tag. It is expected that the EV market will grow to 40 percent by 2031, according to . This estimate is backed by more vehicles hitting the market. It is a good thing that this rise in EV availability acts as a potential equalizer. If more people are considering purchasing electric cars and electric cars, the cost of them will go down. The evidence of this is already evident in the number of new models entering the market. In the first quarter of 2022 4.64 percent of new vehicle registrations were electric vehicles, while 7.18 per cent were hybrid vehicles, as per Experian's report on automotive market trends. This made for a 60.4 percent growth for EVs over first-quarter 2022, and an 10.7 percent increase for hybrids. Cost to own electric vs. gas vehicles While the initial cost of the next car is crucial, you should also consider the costs involved in maintaining and maintain the car over the course of its ownership. Look at the five-year cost-to-own comparision for two top sedans , as per Edmunds. The first, the 2022 Chevrolet Bolt EV, comes in at $31,955 MSRP . It offers a wide range, spacious cabin and an excellent handling rating. The second, the 2022 Mazda 3, is a well-known gas-powered model with a lower MSRP of $24,115 that offers premium interiors with a smooth and comfortable ride as well as turbocharged engines. Take into consideration how the costs accrued over five years of car ownership influence which vehicle you would prefer. 2022 Chevrolet Bolt EV
2022 Mazda 3
Vehicle depreciation
$8,767
$6,700
Taxes and fees
$2,603
$1,814
Financing
$2,921
$2,309
Fuel
$2,283
$11,255
Insurance
$5,411
$3,941
Repairs
$731
$666
Maintenance
$2,806
$4,592
True cost to own
$25,522
$31,277 Fuel On the most basic scale, driving an electric vehicle will mean no more trips to the gas station. In a study for 2020, found that EV owners will pay on average 60% less to fuel their cars. The cost difference of gasoline between Chevy or the Mazda is much higher than that average. However, getting power for your EV is not easy as simply choosing standard, midgrade or high-end. Electric vehicle charging can be divided into three different options that have different benefits and costs. Level one charging. The most popular method of charging and is accessible via the same outlet you charge your cellphone with. They are the slowest charging option and offer anywhere between 2 and 5 miles charging per hour. Level two charging. These chargers, usually installed and located in your garage, use the same power that your washing machine would. You can gain up to 20 miles charge in just one hour. Level three charging. Also called DC charging, these are available in public spaces. They're the fastest method and motorists can receive an 80 per cent charge within 20 minutes. As washing your washer several times in a row will increase your electricity bill The additional expense when charging at home can be significant. This ongoing cost is on top of the one-time average price to install an at-home charger that can vary between $300 and $50,000, dependent on the capacity of the charger. Keep in mind that many communities now have access to chargers, which means you do not be required to pay for installation right away. Visit a free map of EV stations to see chargers in your area. Finance Although you are able to finance a cargasoline or electric powered -- by applying online or in person to several lenders prior to deciding on the best option, financing a green vehicle can provide additional benefits. For those who want to finance electric cars. These types of loans are usually offered through a credit union , and tend to have lower interest rates than traditional auto loans. You could also be eligible for , a financial incentive offered in certain states in the U.S. You can benefit by a credit of as high as $7,500, contingent on your home state. Insurance Insurance is a vital part of owning a vehicle that safeguards you and your passengers. It follows the same method you would take to cover the traditional vehicle option. It will cover the bodily injury, collision, liability and comprehensive coverage. And as with any vehicle the price you pay will be determined by a variety of variables. But coverage for EV is typically more expensive than gas-powered options. One reason is the price of the vehicle parts. An accident of a minor nature could cause, for instance, in the need to replace a battery pack -- something that can be over $15,000. Bankrate looked at 12 models of vehicles provided by Quadrant Information Serves and discovered that, on the average premiums are higher for electric vehicles. This is evident by the higher insurance rates projected for Bolt over the Mazda 3. Bolt as compared to Mazda 3. Pros and disadvantages of electrical cars EVs can provide a ride that's better for the environment as well as your wallet in the long haul, but they're not without negatives. The advantages of electric vehicles Some advantages to driving an electric car are the following: less maintenance. Electric cars require fewer trips to the mechanic, and that can result in savings on expenses like oil changes and brake system checks. A lower cost for the life of the vehicle. The cost of owning a vehicle can be high, but EVs have a lower life cost. Better for the environment. EVs do not release pollutants from tailpipes and are therefore more suitable for local air quality and overall carbon dioxide emissions. Advanced technology available. A lot of the latest electric cars have advanced control panels as well as mobile applications to manage and monitor the car. There are cons to electric cars. Some disadvantages of driving an electric vehicle include: higher cost of purchase. In the average, purchasing an EV carries a steeper upfront cost, close to $12,000 more, according to KBB's average July 2022 transactions prices. Range anxiety. Charging stations can be a bit scarce and far-fetched in some regions, which can leave drivers feeling stressed when searching for a place to get electricity. Faster vehicle depreciation. Battery deterioration and vehicle incentives create quick value loss when it comes to electric cars. Cost to install the charging station. If you prefer being able to charge at your own home, installing a charging station could cost as much as $50,000. Is an electric car right for you? if your next set of wheels is electric, it should be thought of in the same way that you'd pick the model or design of a classic car is right for you -take into consideration your lifestyle and needs. If your commute fits with the range that the EV provides or you like the sleek design and environmental advantages, then an electric vehicle might be the best option. But if jumping into the full EV is too much of a financial commitment, you may want to consider an alternative, such as the hybrid or plug-in option when you're planning to purchase. Hybrids and PHEVs tend to cost less upfront and still carry some of the money-saving advantages that a fully electric car can offer. Be aware of these aspects when shopping for a car to make sure that you're choosing an EV is worth investing in. The range of your vehicle If you're accustomed to a lengthy commute to work and don't have access to charging stations on the way or at your destination, take into consideration the range of the vehicle that your potential new car holds. The typical battery's range will differ greatly based on the car model. Make sure that you don't buy a vehicle that isn't able to easily charge for your daily outings. Chargers available before heading to the dealership to shop make sure you have access to chargers in your area or look into the cost of installation and upkeep of an on-site charger. This means weighing the level one, two, and three options with your needs. Your lifestyle Not only is important to consider your lifestyle in terms of form but also in function. Electric vehicles tend to function differently from what you are familiar with. Due to its reliance on regenerative braking, as an instance, you will experience a slower brake but a smoother overall drive. The final word: the price of owning an EV is less than an alternative powered by gas. Even with steeper vehicle depreciation and potentially higher insurance and financing costs, the lower maintenance cost and the five-year period to own an EV makes it a promising option. As a car buyer it is crucial to determine which costs matter the most to you and whether EV is compatible with your life. FAQs What is the time it takes to take to charge an electric car Depending on the size of your vehicle's battery, the process can take as little as 30 minutes or as long as 12 hours. A recommended best practice is to fill up your EV in smaller increments instead of all at once to reduce the amount of time required to charge. How much does it cost for charging an electric car? The exact cost for charging will vary based on location due to varying electric costs, the charge is based on the range available and cost per kilowatt (kWh). In California for example electric power is typically 18 cents per unit, therefore an electric vehicle with a 150-mile range would fall somewhere about $7 for a complete charge. How long will electric car batteries last? The batteries in an EV can last between 10 and 20 years until they require a complete replacement.
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-researched and well-organized facts that break down complex topics into manageable bites.
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