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Electric Vs. gas vehicles: Which is superior? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering financial calculators and interactive tools that provide objective and unique content. We also allow you to conduct research and compare information at no cost and help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that pay us. This compensation can affect the way and where products are displayed on the site, such as such things as the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage or home equity, and also other home lending products. But this compensation does not influence the information we publish, or the reviews appear on this website. We do not contain the universe of companies or financial offerings that could be open to you. Thomas Barwick/Getty Images

 

8 minutes read. Published August 15, 2022

 

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of taking out loans to buy an automobile. Written 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 precise, well-researched and well-studied facts that break down complex topics into manageable bites. The Bankrate promise

 

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At Bankrate we are committed to helping you make better financial choices. We adhere to the highest standards of editorial integrity ,

 

This article may include the mention of products made by our partners. Here's how we earn money . The Bankrate promise

 

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We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. We have loans journalists and editors focus on the areas that consumers are concerned about most -- the various types of loans available, the best rates, the top lenders, ways to pay off debt and many more. So you can feel confident when investing your money. Integrity in editing

 

Bankrate has a strict policy and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the right financial choices. Our main principles are that we value your trust. Our mission is to offer readers accurate and unbiased information, and we have standards for editorial content in place to ensure that this happens. Our reporters and editors rigorously fact-check editorial content to ensure that the information you're reading is correct. We have a strict separation between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive compensation directly by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our aim is to provide you the best advice that will help you make smart personal financial decisions. We adhere to strict guidelines to ensure that our editorial content is not in any way influenced by advertising. Our editorial staff receives no any compensation directly from advertisers and our content is fact-checked to ensure accuracy. Therefore when you read an article or a review it is safe to know that you're receiving reliable and reliable information. What we do to earn money

 

If you have questions about money. Bankrate has the answers. Our experts have been helping you manage your money for over four years. We strive to continuously give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , therefore you can be confident that our content is truthful and precise. Our award-winning editors and journalists create honest and accurate content to help you make the right financial decisions. The content we create by our editorial staff is objective, factual, and not influenced by our advertisers. We're transparent regarding how we're able to bring quality content, competitive rates, and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods or services, or by you clicking on certain hyperlinks on our site. So, this compensation can impact how, where and when products appear within listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. Other factors, such as our own website rules and whether the product is offered in your area or at your personal credit score could also affect the manner in which products are featured on this site. We strive to offer the most diverse selection of products, Bankrate does not include the details of every credit or financial product or service. One-in-four new car buyers are now considering buying a hybrid or electric vehicle similar to gasoline-powered vehicles According to (KBB). Making the switch to electric vehicles -- or any alternative fuel vehicle -- can prove to be worthwhile for both your wallet as well as the environment. But before setting out to the dealership it is wise to electric vehicle options and know the difference in cost of ownership. What exactly is an electric vehicle? The EV market has been growing in popularity over recent years particularly as awareness of climate issues continues to grow. This, along with the high cost of gas has led to drivers looking to save money by going electric. In contrast to the gas-powered cars that are commonly that line the highways and parking areas, EVs have a motor powered by batteries. There are three types of electric vehicle. Hybrid electric vehicles (HEVs) Powered by both an electric motor and an internal combustion engine HEVs have the power of a gas-powered traditional vehicle and the benefits of improved efficiency in fuel consumption. It is not possible to charge an HEV like some of its EV counterparts but rather batteries are charged via the engine. There are many varieties of brands and models of HEVs that are available for sale. A few of the top choices according to KBB include those like the Honda Accord Hybrid, the Toyota RAV4 Hybrid and the Hyundai Elantra Hybrid. Plug-in hybrid electric vehicles (PHEVs) Plug-in hybrids is just as it sounds, a hybrid vehicle that you plug in to charge. It is powered by a battery pack inside the vehicle and charged through an external cable. PHEVs also use another fuel, usually gasoline to power an internal combustion engine (ICE). The vehicle makes use of electricity until it is spent and then taps into the ICE capabilities. The options for PHEVs are smaller, but KBBs standout options are that of Ford Escape SE Plug-in Hybrid, the Hyundai Tucson Plug-in Hybrid and the Kia Niro Plug-in Hybrid. Full electric cars (EVs) The fully electric vehicle increases the quality and is powered completely by an electric motorwithout ICE or an alternative fuel source involved. These have a battery pack that powers the vehicle and is charged in the same method to PHEVs. Electric vehicles are charged using a specialized outlet. While charging stations can be located in the local area, it is crucial to consider the additional expense for a station to charge, if you are you are considering an all-electric. KBB's top fully electric options include those like the Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. Cost of electric vs. gas cars Before diving in the deep end of electric and hybrid cars it is crucial to comprehend the cost differences between electric and gas. While driving an EV can come with less overall cost but the initial price can still serve as an obstacle for many. Recently, purchasing a brand new car can be expensive no matter what the power source. July 2022 saw record-breaking average transaction prices for new cars of more than $48,000, as reported by . However, the cost for an EV is still more expensive than a gas-powered option. The KBB estimate for an EV is over $60,000 -that's in line with an average luxury vehicle price tag. But it is forecasted the EV market to reach forty percent in 2031, according to . This estimate is backed by the increased number of vehicles that are entering the market. And, fortunately, this rise in EV availability acts as an opportunity to equalize. When more consumers are looking into purchasing electric cars and electric cars, the cost of them will go down. This growth is already clear in the variety of new models entering the market. In the first quarter of 2022, 4.64 percent of all new vehicle registrations were EVs, and 7.18 per cent were hybrid vehicles, according to Experian's report on the automotive market trends. This resulted in 60.4 percent growth for EVs over one quarter in 2022, and a 10.7 percent growth for hybrids. Cost of owning electric vehicles vs. gas-powered cars Although the upfront cost of the next car is crucial, it is also important to consider the costs involved in maintaining and keep the car for the course of its ownership. Look at the five-year cost-to-own comparision for two popular cars, according to Edmunds. The first, 2022 Chevrolet Bolt EV, comes in at $31,955 MSRP . It offers a wide space, a spacious cabin and a well-rated handling. The secondmodel, 2022's Mazda 3, is a well-known gas-powered model with a lower MSRP of $24,115. Both offer a premium interior as well as a smooth ride. an engine that is turbocharged. Take into consideration how the costs accrued over five years of vehicle ownership will affect the type of 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 a basic scale, driving an electric vehicle will mean that there will be no need to fill up at gasoline stations. A study conducted in 2020 discovered that EV owners will spend on average 60% less to fuel their vehicles. The price difference for gasoline between Chevy and the Mazda is even steeper than the average. However, getting power for your EV is not easy as simply choosing standard, midgrade or premium. Electric vehicle charging can be broken down into three choices that have different benefits and costs. The first option is charging at a level one. It is by far the most common method of charging and is available through the same outlet you charge your phone with. They are the slowest charging option and provide up to five and two miles charge per hour. Level two charging. These chargers, typically installed in garages, use the same power as your washing machine. You could get between 10 and 20 miles of charge in an hour. Level three charging. Also called DC charging They are available in public spaces. They're the most efficient method and motorists can receive an 80 percent charge within 20 minutes. Just as running your washing machine several times in a row will cost you more electricity, the additional cost incurred from charging at home can be significant. The ongoing expense is added to the initial cost to install an at-home charger that can vary between $300 and $50,000, dependent on the capacity of charge. But keep in mind that many communities are now equipped with chargers, so you may not be required to pay for installation immediately. Take a look at the free map of EV stations to see chargers in your region. Financing Although you can -gasoline or electric powered -- simply apply online or in person to some lenders before settling on the best option, financing a green vehicle can provide some added perks. These loans are available to those looking to finance an electric car. These kinds of loans are typically found through a credit union , and typically offer lower rates of interest than conventional auto loans. You could also be eligible for a financial incentive which is offered in certain states in the U.S. You can benefit by a credit of up to $7,500, depending on the state in which you reside. Insurance Insuring your vehicle is a vital part of ownership that protects yourself along with your passengers. carries the same approach that you'd take to protect the standard vehicle options. It will cover the bodily injury, collision, insurance coverage, and liability. As with all vehicles the price you pay will depend on various variables. However, insurance for an EV will typically cost more than conventional gas-powered alternatives. One reason could be the price of the vehicle's parts. An accident of a minor nature could cause, for instance in the requirement to replace a battery pack -- which can be priced at upwards of $15,000. Bankrate examined 12 car models provided by Quadrant Information Serves and found that, on average premiums are more expensive for electric cars. This is demonstrated by the increased insurance cost forecast for Bolt over the Mazda 3. Bolt in comparison to the Mazda 3. The pros as well as cons for electric cars electric vehicles may provide a drive which is healthier for the planet and your wallet over the long term however, they're not without disadvantages. The advantages of electric vehicles Some advantages of driving an electric vehicle include less maintenance. Electric cars need fewer trips to the mechanic, which means savings on expenses for oil change and brake system inspections. A lower cost for the life of the vehicle. Car ownership can be costly, but EVs come with a lower cost. They are better for the environment. They do not release pollutants from the tailpipe and are therefore better for local air quality and overall carbon dioxide emissions. Modern technology is available. A lot of the latest electric cars include advanced control panels and mobile applications to manage and monitor the vehicle. There are cons to electric cars. Some drawbacks that come with driving an EV include: higher cost of purchase. In the average, purchasing an EV comes with a higher initial cost, which is close to $12,000 more, based on KBB's July 20, 2022 average transactions prices. Range anxiety. Charging stations are often few and far in certain locations, leaving drivers stressed while searching for a location to charge their power. Faster vehicle depreciation. Battery deterioration and vehicle incentives create quick value loss when it comes to electric cars. Cost of installing a charging station. If you prefer the convenience of the convenience of charging in your home installation can cost up to $50,000. Are electric cars the right choice for you? If your next set wheels should be electric should be considered in the same way that you'd choose which model or style of a classic car is best for you.take into consideration your lifestyle and preferences. If your commute fits with the range that and the range of options an electric vehicle offers, or if you prefer the sleek style and environmental benefits, then an EV might be the best option. But if jumping into an all-electric EV is too big of a financial investment, you may want to consider , or opt for the hybrid or plug-in option if you're set on buying. Hybrids and PHEVs typically cost less upfront and still provide the savings advantages that an electric car does. Take note of these key aspects when you are shopping to make sure that the EV is worth investing in. The vehicle range If you're on a long commute to work and don't have access to chargers along the way and at the point you want to go, take into consideration the range of the new vehicle you're considering purchasing. The battery's range of use can differ greatly based on the type of car. Make sure that you don't purchase a car that isn't able to easily charge for your daily outings. Chargers available before heading to the dealership to browse, check for access to charging stations in your region or think about the expense of installing and maintaining an in-home charging station. This is a way of weighing the levels one, two and three options based on your requirements. Your lifestyle It is not only important to consider your way of life in terms of style but also as a terms of its function. Electric vehicles operate in a different way from what you are familiar with. Due to its reliance on regenerative braking, for example, you can expect a slower brake but a smoother overall drive. The bottom line The true price of owning an EV is less than a gasoline-powered vehicle. Even with a higher rate of depreciation as well as higher insurance costs and financing, the less maintenance costs and the five-year time frame for owning an EV is a good option. As a car buyer it is crucial to determine which costs matter the most to you and if EV will fit into your lifestyle. FAQs What is the time it takes to take to charge an electric car? Based on the size of your car's battery, charging can take as few as 30 minutes or 12 hours. It is recommended to recharge your electric car by smaller portions instead of all at once to reduce the charge time. How much does it cost for charging an electric vehicle? The exact cost to charge will vary by location due to varying electric costs, the charge is determined by the range of available options and the price per Kilowatt (kWh). In California for instance electric power is typically 18 cents for every kWh, which means that an electric car with a range of 150 miles would fall somewhere around $7 for a full charge. How long will battery packs for electric vehicles last? Batteries found in an EV will last between 10 to 20 years, until they are in need of a replacement.

 

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of borrowing money to buy a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances with concise, well-researched and well-organized information that breaks down otherwise complex topics into manageable bites.

 

Auto loans editor

 

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