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Electric Vs. gas-powered vehicles: Which one is better? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and compare information at no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies who pay us. This compensation may impact how and where products appear on this website, for example for instance, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does not influence the content we publish or the reviews appear on this website. We do not cover the universe of companies or financial offerings that could be available 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 assisting readers to navigate the ways and pitfalls of borrowing money to purchase a car. The article was edited 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 control their finances through providing precise, well-researched and well-studied information that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We are constantly striving to provide our readers with the professional guidance and the tools necessary to be successful throughout their financial journey. Bankrate follows a strict policy, therefore you can be confident that our content is honest and precise. Our award-winning editors and journalists produce honest and reliable content that will help you make the right financial choices. The content created by our editorial staff is objective, factual and is not influenced through our sponsors. We're transparent about the ways we're capable of bringing high-quality content, competitive rates and helpful tools for our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or through you clicking certain hyperlinks on our site. Therefore, this compensation may affect the way, location and when products are listed and categories, unless it is prohibited by law. This is the case for our 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 the product is offered in your area or at your personal credit score may also influence the way and place products are listed on this site. Although we try to provide a wide range offers, Bankrate does not include the details of each credit or financial product or service. One-in-four consumers who are considering buying a new car is buying a hybrid or electric vehicle like they would the traditional gas-powered vehicle According to (KBB). The choice of electric -- or any alternative fuel vehicle -- is a good idea both for your pocket as well as the environment. But before setting out to the dealership it is wise to electric vehicle options and understand the difference in the cost of ownership. What exactly is an electric car? Electric cars have seen a huge rise in popularity over recent years, especially as the awareness of the environmental issues continues to evolve. This, combined with and steep gas prices have all resulted in drivers seeking to save money by driving electric. In contrast to the gas-powered cars that are commonly that line the highways and parking areas, EVs have a motor powered by a battery. There are three types that are electric cars. Electric hybrid vehicles (HEVs) Powered by both an electric motor as well as the internal combustion engine, HEVs are able to compete with the power of a gas-powered traditional vehicle and the benefits of improved efficiency in fuel consumption. There is no charge for an HEV like some of its EV-powered counterparts, but instead batteries are charged through the engine. There are a large variety of models and makes of HEVs on the market. A few of the top choices according to KBB are the Honda Accord Hybrid, the Toyota RAV4 Hybrid and the Hyundai Elantra Hybrid. Plug-in hybrid electric vehicle (PHEVs) A plug-in hybrid is exactly as it sounds it's a hybrid car that is charged through a plug. It is powered through a battery pack inside the vehicle that is recharged by another cable. They also make use of another fuel, usually gasoline to power their internal combustion engines (ICE). This kind of vehicle utilizes an electric battery until it's used up and then taps into its ICE capabilities. The choices for PHEVs can be a bit slimmer, but KBB's top choices include that of Ford Escape SE Plug-in Hybrid and the Hyundai Tucson Plug-in Hybrid and the Kia Niro Plug-in Hybrid. Full electric cars (EVs) The fully electric vehicle is a step up and is completely powered by an electric motor -there is no ICE or alternative fuel sources are required. These have a battery pack that powers the vehicle and is charged in a similar manner to PHEVs. Electric vehicles are charged using an outlet that is specifically designed for them. Although charging stations can be accessible locally, it's important to remember the added costs that a charger will cost, if you are contemplating a fully electric. KBB's top fully electric choices include The Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. Price of electric vs. gas vehicles Before you dive deep into the world of hybrid and electric vehicles, it is important to understand the price differentiation between electric and gasoline. While it is true that driving an EV can come with less overall cost however, the initial cost could be a roadblock for many. Lately, buying a new vehicle is expensive regardless of its power source. July 2022 was a record month for average transaction prices for new cars of more than $48,000, according to . However, the price of an EV is higher than that of a gasoline-powered vehicle. The KBB estimate for an EV is over $60,000 -that's in line with an average luxury car price. However, it is predicted that by the EV market to reach forty percent in 2031 according to . This prediction is supported by the increasing number of vehicles entering the market. This increase in EV availability serves as a potential equalizer. When more consumers are looking into purchasing electric cars their costs will go down. The evidence of this is already evident in the variety of new models coming onto the market. For the quarter that began in early 2022, 4.64 percent of new car registrations were EVs, and 7.18 percent were hybrids, as per Experian's report of automotive market trends. This resulted in 60.4 percent increase for EVs in first-quarter 2022 and the same for hybrids, with a 10.7 percent increase for hybrids. Cost to own electric vs. gas cars While the upfront cost of the next car is crucial, you must also understand the cost to maintain and own the vehicle over the life of ownership. Look at the five-year cost-to-own comparision for two top cars, according to Edmunds. The first is a 2022 Chevrolet Bolt EV, comes in at $31,955 MSRP . It offers a wide capacity, spacious cabin, and well-rated handling. The second, a 2022 Mazda 3, is a popular gas-powered option with a lower MSRP of $24,115. Both offer an elegant 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 influence which vehicle you'd 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
Cost of ownership for the real thing
$25,522
$31,277 Fuel At the most basic level, owning an electric vehicle will mean no more trips to fill up at gasoline stations. In a study for 2020, it was found that EV owners will spend on average 60 percent less for fueling their vehicles. The price difference for gasoline between Chevy or the Mazda is even steeper than the typical. However, getting power for your electric vehicle isn't as simple as choosing regular, midgrade or premium. EV charging can be broken down into three options that all come with different costs and advantages. The first option is charging at a level one. The most popular type of charging that is accessible via the same outlet you would charge your smartphone using. They are the slowest charging option and offer between two and five miles of charge per hour. Level two charging. These chargers, which are typically placed and located in your garage are powered by the same electricity that your washing machine uses. You can gain between 10 and 20 miles of charge in just one hour. Level 3 charging. Also known as DC charging These are accessible in public settings. They're the fastest method and motorists can receive an 80 percent charge in just 20 minutes. As running your washing machine several times in a row can cost you more electricity, the additional cost incurred from charging at home can be significant. This ongoing cost is in addition to the cost to set up an at-home charging station that could range from $300 to $50,000 depending on the level that the charge. However, keep in mind that many communities now have access to chargers, so you may not have to shell out for installation right away. Check out , a free map of electric vehicle stations to find chargers in your area. Financing Although you can -either gas or electric powered -- just by applying on the internet or in person with some lenders before settling on the best option, financing a green vehicle can provide certain benefits. serve drivers looking to finance their electric vehicle. These kinds of loans are usually offered through a credit union , and typically offer lower rates of interest than traditional auto loans. You could also be eligible for a financial incentive which is offered in certain states in the U.S. You can benefit from a credit amounting up to $7500, based on the state you reside in. Insurance Insuring your car is an essential aspect of owning a vehicle that safeguards you and your passengers. carries the same approach you'd use to cover a conventional vehicle option. It covers collision, bodily injury, insurance coverage, and liability. As with all vehicles the cost will be based on various aspects. However, insurance for an EV generally costs more than traditional gas-powered options. The reason for this is due to the cost of the vehicle parts. A minor accident could result, for example, in the need 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 will be higher for electric vehicles. This is evident in the higher insurance rates forecast for the Bolt over the Mazda 3. The pros and cons of electric vehicles electric vehicles may provide a drive that's better for the environment and your wallet over the long run, but they're not without downsides. Pros of electric cars Some benefits to driving an electric car are less maintenance. Electric cars need fewer trips to the mechanic which means less money spent on costs like oil changes and brake system checks. Costs are lower over the lifetime of the car. Car ownership can be costly however EVs carry a lower lifetime cost. They are better to the planet. EVs do not release tailpipe air pollutants which is why they are more suitable for local air quality and overall carbon dioxide emissions. The latest technology is readily available. A lot of the latest electric cars have advanced control panels as well as mobile apps to control and monitor the car. There are cons to electric cars. Some drawbacks that come with driving an EV include: Higher purchase cost. On average, buying an EV carries a steeper initial cost, which is close to $12,000 more, according to KBB's July 20, 2022 average transactions prices. The fear of range. Charging stations are often few and far between in some areas, leaving some drivers stressed while searching for a location to charge their energy. Faster vehicle depreciation. Battery deterioration and vehicle incentives result in a rapid loss of value for electric cars. The cost of installing a charging station. If you prefer the convenience of being able to charge at your own home, installing a charging station can cost up to $50,000. Is an electric car right for you? if your next set of wheels will be electric, it must be thought of similar to how you'd pick which model or style of a traditional car is right for you -be aware of your lifestyle and needs. If your commute fits with the range that an EV offers or if you like the sleek design and environmental benefits, then an EV could be an excellent choice. If however, jumping into the full EV is too much of a financial commitment you might want to think about an alternative, such as an electric or hybrid in the event that you're considering buying. Hybrids and PHEVs tend to cost less upfront , but still offer the same money-saving advantages that an electric car can offer. 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 do not have access to charging stations on the route and at the point you want to go, think about the range of the car you are considering buying. The typical battery's range will differ significantly based on the type of car. Be careful not to purchase a car that isn't able to easily charge for your regular outings. Access to chargers Prior to going to the dealer to look around make sure you have access to chargers in your area or look into the cost of installing and maintaining an at-home charger. This involves weighing the level one, two and three options according to your needs. Your lifestyle It is not only it important to consider your way of life in terms of style but also the way of function. Electric vehicles tend to function differently than what you may be used to. Because they rely on regenerative brakes, for instance, you could expect a slower brake but a more comfortable overall driving experience. The final result The price of owning an EV can be less expensive than a gas-powered option. Even with steeper vehicle depreciation and possibly higher insurance and financing, the lower maintenance cost and the five-year period to own an EV is a good choice. For a potential car buyer, it is important to consider which costs are important most to you, and whether EV is compatible with your life. Questions about how long it will take to charge an electric car Based upon the capacity of your vehicle's battery, charging can be as short as 30 minutes or 12 hours. The best way to go is to recharge your electric car in smaller increments instead of all at once to reduce the amount of time required to charge. What's the price to charge an electric car? While the specific price 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 instance the average electricity price is 18 cents for every kWh therefore an electric vehicle with a 150-mile range would cost about $7 for a complete charge. How long do the batteries in electric cars last? The batteries found in an EV will last between 10 to 20 years, until they are in need of a replacement.
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 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 complex topics into manageable bites.
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