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4 minutes read. Published on January 12, 2023.
Written by David McMillin by Contributing writer
David McMillin is a contributing writer for Bankrate and covers topics such as mortgages, credit cards and credit cards tax, banking, and travel. David’s aim is to help readers discover ways to save money and worry less.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances with concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.
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If you are looking to buy an upgrade to your vehicle, you might be contemplating a completely new way of driving that involves fewer — or no — trips to the fuel station. As car makers unveil new electric-powered models, drivers are considering making the switch. The data from the show that 42 percent of Americans are at a minimum likely to think about an electric car the next time they get something new to their garages. If you’re in that crowd, there is an even bigger question to address. Do you need to leave some space to fill up with gas or invest all-in with electric? Compare the upsides and downsides of electric vehicles vs hybrid vehicles before heading to the dealer. The differences between hybrid and EV Hybrid vehicles, plug-in hybrid cars or electric vehicle (EVs) each created to aid you in curbing or reduce fuel expenses. But there are some key differences between them to know about. Hybrid models can use electricity or gasoline as the power source. They’re fitted with both an electric motor and a gasoline engine which work in tandem to run the vehicle. Plug-in hybrid models are similar to hybrid cars but they have a large rechargeable battery. If you drive while the battery is charging up, the gasoline will be preserved. But once the battery’s charge is low the gasoline engine kicks in to allow the vehicle to function, though like a normal hybrid. They are entirely battery-powered and only have the electric power. There is no gas tank or engine inside the vehicle. Which is better to go with electric and hybrid vehicles There is no right or wrong answer to deciding between hybrid and electric. Instead, you must take into consideration a variety of factors, including the location you reside in, how much you spend on gas, how dedicated to reducing your carbon footprint and much more. “If you don’t want to map out the miles on your route and you’re feeling like you’re suffering from range anxiety, or you don’t have any charging stations, then a plug-in hybrid is an ideal choice,” says Ronald Montoya who is the senior consumer advisor at Edmunds. Begin by considering a specific hybrid model. You could share some details on your driving habits and the power configuration at home to determine your annual fuel and electricity costs as well as the amount of trips to petrol stations. “If you are OK with making your route plans in terms of mileage and you have a charging station at home or work,” Montoya says, “you’re the ideal candidate for an electric vehicle that is completely electric.” To get a sense of the locations of charging stations currently in the area, begin with the . Hybrids have advantages and disadvantages as you look over the figures from the plug-in hybrid calculator, here’s a rundown of the most important benefits and drawbacks that hybrids have to offer. Benefits Think about these when you are evaluating hybrid vehicles: You won’t be worried about running out of power. Since hybrid cars permit you to fuel them and diesel, you’ll have access to more than 15,000 gasoline stations in the country. You’ll spend less money each month. While every car has a different price tag, hybrid vehicles tend to have lower monthly payments than all-electric vehicles, which will help keep your costs for transportation in check. However, there are some disadvantages to keep in mind: You’re still going need to pay the gas. Hybrids don’t come with the range of a vehicle that runs using electricity, which makes gasoline the most popular fuel source for longer road trips. For instance, there is a requirement that the Environmental Protection Agency sets the Toyota RAV4 Hybrid’s electrical-only range as 42 miles. It is offered, however, only for certain vehicles (hybrids must plug in and be new in order to be eligible). It’s still likely to produce lots of carbon. “The plug-in hybrid can lower your consumption of fuel,” Montoya says, “but it’s not completely.” If you’re looking to do your part to lower your carbon footprint, then you must know that a hybrid vehicle’s gasoline usage will continue to be a contributor to polluting the planet. Electric cars have their advantages and drawbacks Even ideal candidates have to consider the advantages and disadvantages of . The benefits Here are a few of the major advantages that you will get when you purchase an electric vehicle: You can skip out from paying for high-priced gas. As of Jan. 9, 2023, the average cost for a gallon of regular gas is $3.28, . If you own an electric vehicle, you do not have to worry about increasing fuel costs. If you purchase a brand new vehicle fully electric vehicles are eligible for a . It will have a positive effect on the planet. While governments and businesses attempt to determine how to combat climate change, the individual can do something about it also. “If you’re looking to completely quit fossil fuels, then you’ll need an electric vehicle,” Montoya says. The drawbacks of electric vehicles have a few negatives. For instance, you may have to locate a place to charge your vehicle. If your battery is low in charge, finding a location to charge it isn’t quite as easy as finding a petrol station. “You’ll see that both the coasts of the U.S. have the most charging stations,” Montoya says. “It’s when you move into the northern states such as Montana, North Dakota and Wyoming in which they become limited.” However, the future of electric cars looks bright with many more charging stations and plans by the federal government to reduce costs. You may be waiting an extended time for every charge to complete. While fast public charging stations are becoming more popular, basic charging stations take a long time to provide the juice required to drive. For instance, 120V charging stations only grant two to five miles of driving per one hour that they charge. That is OK if you are charging overnight however it’s not ideal if you need a quick fill-up. . All new cars are pricy, but electric cars tend to come with higher sticker prices and monthly payments than the gas-powered car you’re familiar with. There could be a higher cost than that, too. A study conducted by Self, a financial technology firm Self showed that insurance costs for electric cars average more than gasoline cars. The bottom line Whether you buy a hybrid or electric vehicle, you’ll require enough money to purchase a new vehicle right now. Since prices are high, it’s essential to take your time and think about what fits your lifestyle the best. You may not want to waste too much time however. The auto market will be in decline through 2023 due in part to a Fed rate hike in late 2022. So, start by assessing electric and hybrid vehicles to figure out which is most suitable for you. It’s also important to shop for lenders today to determine if you are able to secure a good offer on financing for your new car.
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Written by a contributing writer
David McMillin is a contributing writer for Bankrate and writes about topics like mortgages, credit cards and credit cards banks, taxation, and travel. David’s aim is to help readers understand how to save more and stress less.
The edit was done 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 the confidence to control their finances by providing clear, well-researched facts that break down complicated subjects into digestible pieces.
Auto loans editor
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