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Electric Vs. gas-powered vehicles: Which is better? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare information for free to help you make informed 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 Earn Money The offers that appear on this website are provided by companies who pay us. This compensation may impact how and where products are displayed on this site, including such things as the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home lending products. However, this compensation will not influence the information we provide, or the reviews that you read 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
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the ins and outs of securely taking out loans to buy an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances through providing precise, well-researched and well-studied information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise
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If you have questions about money. Bankrate has the answers. Our experts have been helping you manage your finances for more than four years. We strive to continuously provide our readers with the professional advice and tools needed to succeed throughout life's financial journey. Bankrate follows a strict policy, so you can trust that our information is trustworthy and accurate. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial decisions. Our content produced by our editorial staff is objective, factual and is not influenced from our advertising. We're transparent about how we are in a position to provide quality information, competitive rates and helpful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and, services, or by you clicking on specific links on our website. So, this compensation can impact how, where and in what order products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, such as our own rules for our website and whether or not a product is available within the area you reside in or is within your self-selected credit score range may also influence the manner in which products are featured on this website. Although we try to provide the most diverse selection of products, Bankrate does not include details about each credit or financial products or services. One in four consumers who are considering buying a new car is buying a hybrid or electric car like they would a traditional gas-powered option as per (KBB). Making the switch to electric vehicles -- or any alternative fuel vehicle is a good idea for your pocket and the environment. However, before you go to the dealership it is recommended to research electric car options and be aware of the differences in the cost of ownership. What is an electric car? The EV market has been growing in popularity in recent years, especially as the awareness of climate issues is growing. This, along with steep gas prices have all resulted in drivers seeking to save money by driving electric. Unlike the typical gas-powered vehicles that line the highways and parking areas, EVs have a motor that is powered by batteries. There are three types that are electric cars. The hybrid electric vehicle (HEVs) powered by an electric motor and an internal combustion engine HEVs boast the strength of a gas-powered traditional vehicle and the benefits of improved performance and fuel efficiency. There is no charge for an HEV as you would with its EV counterparts but rather it charges the battery by the engine. There is a wide range of brands and models of HEVs for sale. Some highly rated options according to KBB include that of the Honda Accord Hybrid, the Toyota RAV4 Hybrid and the Hyundai Elantra Hybrid. Plug-in hybrid electric vehicle (PHEVs) Plug-in hybrids is, as the name suggests, a hybrid vehicle that is charged through a plug. It is powered by batteries inside the vehicle that is recharged by an external cable. They also make use of an alternative fuel, which is typically gasoline for powering the internal combustion engine (ICE). This type of vehicle uses the electric charge until spent and then taps into it's ICE capabilities. Options for PHEVs are smaller, but KBB's most popular choices include that of Ford Escape SE Plug-in Hybrid as well as the Hyundai Tucson Plug-in Hybrid, and the Kia Niro Plug-in Hybrid. Full electric cars (EVs) A fully electric vehicle is a step up and is powered completely by an electric motor- no ICE or additional alternative fuel sources 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 located in the local area, it is important to remember the added costs of a charging station when contemplating a fully electric. KBB's top fully-electric choices are those like the Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. Price of electric vs. gas cars Before diving headfirst into the world of electric and hybrid cars it is crucial to comprehend the cost differences between gas and electric. While it is true that driving an EV will have less overall cost but the initial price can still serve as an obstacle for some. Lately, buying a new car is costly no matter what the source of power. July 2022 saw record-breaking average prices for transactions on new vehicles of over $48,000, as per . However, the price of an EV is higher than the gas-powered alternative. The KBB estimate for an EV is more than $60,000- which aligns with an average luxury vehicle price tag. But it is forecasted the EV market to reach 40 percent by 2031 according to . This prediction is supported by more vehicles hitting the market. This increase in EV availability serves as a potential equalizer. When more consumers are looking into purchasing electric vehicles and electric cars, the cost of them will go down. This growth is already clear by the increasing number of new vehicles being introduced to the market. The first quarter in 2022, 4.64 percent of new car registrations were electric vehicles, while 7.18 per cent were hybrid vehicles, according to Experian's report on the automotive market trends. This resulted in a 60.4 percent growth in EVs in the first quarter of 2022 and a 10.7 percent growth for hybrids. Cost of owning electric vehicles in comparison to. gas-powered cars Although the upfront cost of your next vehicle is important it is also important to consider the costs involved in maintaining and keep the car for the life of ownership. Take a look at the cost-to-own analysis for five years for two top cars, according to Edmunds. The first is a 2022 Chevrolet Bolt EV, comes in at $31,955 MSRP . It comes with a huge range, spacious cabin and well-rated handling. The secondmodel, 2022's Mazda 3, is a popular gas-powered option with a price tag of $24,115. Both offer an elegant interior as well as a smooth ride. an engine that is turbocharged. Think about how the expenses accumulated over the course of five years of car ownership affect which model you'd like to purchase. 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
The true cost of owning
$25,522
$31,277 Fuel On the most basic scale, driving an electric vehicle will mean the end of having to fill up at petrol stations. In a study for 2020, it was found that EV owners will pay on average 60 percent less to fuel their cars. The difference in cost of gas between Chevy or the Mazda is much higher than the typical. However, getting power to charge your electric vehicle isn't so simple as picking regular middle-priced or premium. EV charging can be divided into three choices that carry different costs and benefits. The first option is charging at a level one. It is by far the most popular method of charging and is accessible via the same outlet you charge your cellphone using. They are the most slow charging options that provide 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 uses. It is possible to gain between 10 and 20 miles of charging in just an hour. Level three charging. Also known as DC charging They are available in public spaces. They're the fastest alternative and users can get the full charge of 80 percent in just 20 minutes. As washing your machine multiple times in a row will increase your electricity bill and the extra cost from charging at home can be significant. This ongoing cost is on top of the cost for installing an at-home charger that could range between $300 and $50,000, depending on the level that the charge. However, keep in mind that many communities are now equipped with chargers, so you may not be required to pay to install it right away. Check out , a free map of EV stations to locate chargers within your area. Finance Although you are able to finance a cargasoline or electric powered -- just apply online or in person to some lenders before settling on the , financing a green vehicle can provide additional benefits. For those who want to finance an electric car. These types of loans are typically offered by a credit union , and tend to have lower interest rates than conventional auto loans. There is also the possibility of qualifying for financial incentives which is offered in certain states in the U.S. You can benefit by a credit of up to $7500, based on the state you reside in. Insurance Insuring your car is a vital part of ownership that protects yourself along with your passengers. carries the same approach that you'd take to protect the traditional vehicle option. It will include collision, bodily injury, responsibility and comprehensive insurance. Like any other vehicle the price you pay will be based on a variety of aspects. However the insurance cost for an EV generally costs more than traditional gas-powered options. One reason is the price of the vehicle parts. A minor accident can cause, for instance having to pay for a replacement battery -- which can be priced at more than $15,000. Bankrate analyzed 12 vehicle models provided by Quadrant Information Services and concluded that on average premiums are higher for electric cars. This is demonstrated by the higher insurance costs expected for Bolt over the Mazda 3. Bolt over the Mazda 3. Pros as well as cons for electric vehicles Electric vehicles can offer a vehicle that's better for the environment and your pocket in the long haul However, they do have disadvantages. The advantages of electric vehicles Some advantages to driving an electric car are less maintenance. Electric cars need less trips to the mechanic, and that can result in lower costs for expenses for oil change and brake system inspections. A lower cost for the life of the car. The cost of owning a vehicle can be high, but EVs carry a lower lifetime cost. More sustainable to the planet. They do not release tailpipe air pollutants, making them more suitable for local air quality and overall carbon dioxide emissions. Advanced technology available. Many newer electric car models include advanced control panels as well as mobile applications to manage and monitor the vehicle. The cons of electric cars A few drawbacks that come with driving an electric car are: Higher cost to purchase. On average, buying an EV has a more expensive upfront cost, close to $12,000 more, based on KBB's July 20, 2022 average transaction costs. A fear of distance. Charging stations can be few and far between in some areas, leaving some motorists feeling anxious when looking for a place to get energy. Faster vehicle depreciation. Battery deterioration and vehicle incentives result in a rapid loss of value when it comes to electric vehicles. Cost of installing the charging station. If you prefer charging at home, the installation can cost up to $50,000. Are electric vehicles the best choice for you? if your next set of wheels will be electric, it must be thought of similarly to how you would pick which model or model of a classic car is the best fit for you- focus on your lifestyle and requirements. If your commute works with the available range an EV offers or if you prefer the sleek style and environmental benefits, then an electric car may be a great option. However, if committing to a full EV is too big of a financial investment, you might want to look into the option of the hybrid or plug-in option in the event that you're considering buying. Hybrids and PHEVs typically be less expensive upfront and offer the same money-saving advantages that a fully electric vehicle does. Take note of these key aspects when shopping for a car to make sure that you're choosing an EV is worth your investment. The range of the vehicle If you're on a long commute and aren't able to access charging stations along the route or at your destination, take into consideration the vehicle range that the car you are considering buying. The average battery range can differ greatly based on the type of car. Make sure that you don't purchase a car isn't able to easily charge to go on your daily excursions. Access to chargers Before going to the dealer to look around, check for access to charging stations in your region or think about the expense of the installation and maintenance of an at-home charger. This is a way of weighing the levels one, two and three options with your needs. Your lifestyle Not only is important to consider your life style in terms of appearance but also as a terms of its function. Electric vehicles operate in a different way from what you are familiar with. Because of its dependence on regenerative braking, as an instance, you could expect slower brakes but more smoother overall experience. The final result The cost of owning an EV is less than an alternative powered by gas. Even with steeper vehicle depreciation as well as higher insurance costs and financing, the less maintenance costs and the five-year time frame for owning an EV makes it a promising option. If you are a prospective car owner it is essential to decide which expenses matter the most to you and if EV is compatible with your lifestyle. FAQs How long does it take to charge an electric vehicle? Based on the size of your car's battery, charging can take as few as 30 minutes or 12 hours. A recommended best practice is to recharge your electric car in smaller amounts rather than all at once to reduce the charge time. How much does it cost for charging an electric car? While the specific price for charging will vary based on region due to the different electricity costs, the price is determined by the range available and cost per kilowatt (kWh). In California for instance electric power is typically 18 cents for every kWh, so an EV that has a range of 150 miles will be around $7 for a full charge. What is the length of time the batteries in electric cars last? The batteries found in an EV can last between 10 and 20 years until they are in need of a replacement.
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The article was 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. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing concise, well-researched and well-organized details that cut otherwise complex topics into manageable bites.
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