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Electric Vs. gas vehicles: Which is superior? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare information for free and help you make sound 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 offers that appear on this site come from companies that compensate us. This compensation may impact how and where products appear on this site, including for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage and home equity products, as well as other home loan products. This compensation, however, does have no impact on the content we publish or the reviews that appear on this website. We do not include the entire universe of businesses or financial offerings that could be available to you. Thomas Barwick/Getty Images

8 min read Published August 15 2022

Written 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 borrowing money to purchase an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing precise, well-researched and well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee

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You have money questions. Bankrate has the answers. Our experts have helped you understand your money for over four years. We strive to continuously provide our readers with the professional guidance and the tools necessary to be successful throughout their financial journey. Bankrate follows a strict policy, which means you can be sure that our content is honest and precise. Our award-winning editors and reporters create honest and accurate content to help you make the best financial decisions. The content we create by our editorial staff is factual, accurate and uninfluenced from our advertising. We’re open regarding how we’re able to bring quality information, competitive rates and helpful tools for you , by describing 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 through you clicking certain links posted on our site. This compensation could influence the manner, place and in what order items are displayed within the categories of listing in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other factors, such as our own proprietary website rules and whether a product is available in your area or at your personal credit score can also impact the manner in which products are featured on this website. 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 consumers who are considering buying a new car is buying a hybrid or electric car just as they would with gasoline-powered vehicles According to (KBB). And choosing electric — or an alternative fuel vehicle is a good idea for your pocket and the environment. Before you head to the dealership it is recommended to research electric car options and know the difference in the cost of ownership. What is an electric car? The EV market has been growing in popularity in recent times particularly as awareness of climate issues is growing. This, in conjunction with rising gas prices, has resulted in drivers seeking to save money driving electric. Instead of the usual gas-powered vehicles lining highways and parking lots, EVs have a motor powered by batteries. There are three types of electric vehicles. Hybrid electric vehicles (HEVs) powered by an electric motor as well as an internal combustion engine HEVs have the power of traditional gas-powered vehicles with the benefit of improved efficiency in fuel consumption. There is no charge for an HEV the same way as its EV counterparts but rather batteries are charged through the engine. There are a large variety of makes and models of HEVs that are available for sale. 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, a hybrid vehicle that you plug in to charge. It is powered by an internal battery within the vehicle that is recharged via the external cables. PHEVs also use an alternative fuel, which is typically gasoline, to power their internal combustion engines (ICE). This type of vehicle uses electricity until consumed and then taps its ICE capabilities. The options for PHEVs are a bit slimmer, but KBBs standout options include those of the Ford Escape SE Plug-in Hybrid as well as the Hyundai Tucson Plug-in Hybrid and the Kia Niro Plug-in Hybrid. Electric vehicles that are fully electric (EVs) Fully electric vehicle is a step up and is entirely powered by an electric motor- no ICE or additional alternative fuel source involved. They have a battery that powers the vehicle . It is charged in a similar method to PHEVs. Electric vehicles are charged using a specialized outlet. Although charging stations can be accessible locally, it’s crucial to consider the additional cost of a charging station, if you are you are considering an all-electric. KBBs favorite fully EV choices are the Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. Cost of electric vs. gas cars Prior to diving in the deep end of hybrid and electric vehicles, it is important to understand the price differentiation between gas and electric. While it is true that driving an EV will have lower costs overall, the upfront price tag could be a roadblock for many. Lately, buying a new car can be expensive regardless of its source of power. July 2022 was a record month for average transaction prices for new vehicles of over $48,000, as per . However, the cost for an EV is still more expensive than the gas-powered alternative. It is estimated by KBB estimate for an EV is over $60,000 — which aligns with an average price for a luxury car. However, it is predicted that the EV market to reach 40 percent by 2031, according to . This prediction is supported by the increasing number of vehicles entering the market. And, fortunately, this rise in EV availability serves as a potential equalizer. As more drivers consider purchasing electric cars, the average cost will drop. The evidence of this is already evident in the variety of new options that are coming onto 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, as per Experian’s report on automotive market trends. This made for a 60.4 percent growth in EVs in first-quarter 2022 and a 10.7 percent increase for hybrids. Cost to own electric in comparison to. gas-powered cars Although the initial cost of purchasing your next vehicle is important it is also important to consider the cost to maintain and own the vehicle over the life of ownership. Consider the five-year cost-to-own comparison of two popular cars, according to Edmunds. The first, 2022 Chevrolet Bolt EV, comes in at $31,955 MSRP and comes with a huge space, a spacious cabin and well-rated handling. The secondmodel, 2022’s Mazda 3, is a popular gas-powered option with a lower MSRP of $24,115 that offers premium interiors with a smooth and comfortable ride as well as a turbocharged engine. Take into consideration how the costs accumulated over five years of ownership affect which model you’d prefer. 2022 Chevrolet Bolt EV

2022 Mazda 3

Vehicle depreciation

$8,767

$6,700

Fees and taxes

$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 means that there will be no need to gasoline stations. In a 2020 study, discovered that EV owners spend, on average, 60% less to fuel their cars. The cost difference of gasoline between Chevy and the Mazda is even steeper than the average. But getting power to charge your electric vehicle isn’t so simple as picking regular, midgrade 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. The most common method of charging and is available through the same outlet you would charge your smartphone with. They are the most slow charging options and offer between two and five miles of charge per hour. Level two charging. These chargers, usually installed and found in your garage utilize the same power as your washing machine. You could get 10 to 20 miles of charge in an hour. Level three charging. Also known as DC charging These are accessible in public settings. They’re the fastest method and motorists can receive an 80 per cent charge within 20 minutes. Similar to how running your washing machine several times in a row can add to your electric bill The additional expense from charging at home can increase. This cost per month is on top of the one-time average price to set up an at-home charging station that can vary from $300 to $50,000 according to the size of the charger. However, keep in mind that most communities have access to chargers, which means you do not be required to pay for installation immediately. Check out , a free map of EV stations to locate chargers within your local area. Financing Although you can — electric or gas powered — just by applying on the internet or in person with a few lenders before picking the green car can come with additional benefits. For those who want to finance electric cars. These kinds of loans are typically found through the credit union sector and tend to have lower interest rates than conventional auto loans. There is also the possibility of qualifying for financial incentives 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 vehicle is an essential part of owning a vehicle that safeguards you and your passengers. This policy follows the same route that you’d take to protect the traditional vehicle option. It will include the bodily injury, collision, responsibility and comprehensive insurance. Like any other vehicle, your exact price will depend on a variety of factors. However the insurance cost for an EV generally costs more than conventional gas-powered alternatives. One reason is the price of the vehicle’s parts. A minor accident can result, for example having to pay to replace a battery pack which could be priced at more than $15,000. Bankrate examined 12 car models that were provided by Quadrant Information Services and concluded that, on average the cost of insurance will be higher for electric cars. This is evident by the higher insurance costs projected for the Bolt over the Mazda 3. Pros and disadvantages of electrical vehicles EVs can provide a ride which is healthier for the planet as well as your wallet in the long haul, but they’re not without negatives. The advantages of electric vehicles Some advantages of driving an electric car include the following: less maintenance. Electric cars require fewer trips to the mechanic, which can mean savings on expenses like oil changes and brake system checks. A lower cost for the life of the vehicle. Vehicle ownership can be expensive however EVs have a lower life cost. More sustainable for the environment. EVs do not release pollutants from tailpipes, making them better for local air quality as well as overall greenhouse gas emissions. Advanced technology available. A lot of the latest electric cars include advanced control panels and mobile apps that allow you to control and monitor the vehicle. There are cons to electric cars. Some disadvantages of driving an electric car are: Higher cost to purchase. On average, buying an EV comes with a higher price upfront, averaging $12,000 more, according to KBB’s average July 2022 transaction prices. The fear of range. Charging stations can be few and far-fetched in some locations, leaving motorists feeling anxious when looking for a place to get energy. Faster vehicle depreciation. Vehicle incentives and battery degradation cause a quick loss of value for electric cars. Cost to install an electric charging station. If you prefer the convenience of charging at home, the installation could cost as much as $50,000. Are electric cars the right choice for you? If your next set wheels should be electric should be thought of similarly to how you’d pick which model or model of a traditional car is best for you.- focus on your lifestyle and requirements. If your commute fits using the options the EV provides or you are a fan of the sleek look and environmental benefits, then an EV may be a great option. However, if committing to the full EV is too big of a financial commitment, you might want to think about , or opt for the hybrid or plug-in option when you’re planning to purchase. Hybrids and PHEVs tend to cost less upfront and still offer the same money-saving benefits that a fully electric car does. Consider these main aspects when you are shopping to make sure that an EV is worth the investment. The range of your vehicle If you’re on a long commute to work , and do not have access to chargers along the route or at your destination, take into consideration the range of the vehicle that the car you are considering buying. The typical battery’s range will vary greatly depending on the car model. Be sure you do not purchase a car that isn’t able to easily charge for your regular outings. Access to chargers Prior to going to the dealership to shop, check for access to charging stations in your region or look into the cost of the installation and maintenance of an on-site charger. This means weighing the level one, two, and three options with your needs. Your lifestyle It is not only it important to consider your life style in terms of appearance but also in function. Electric vehicles operate in a different way than the ones you’re used to. Because they rely on regenerative braking, for instance, you could expect slower brakes but more comfortable overall driving experience. The final word: 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 costs, the lower maintenance cost and the five-year period for owning an EV can make it a viable option. For a potential car buyer, it is important to determine which costs matter the most to you and whether EV fits the rest of your lifestyle. FAQs What is the time it takes to take to charge an electric vehicle? Based upon the capacity of the battery, charging could take as few as 30 minutes or 12 hours. A recommended best practice is to charge your electric vehicle in smaller amounts rather than all at once to reduce the charge time. How much does it cost for charging an electric vehicle? The exact cost for charging will vary based on the location due to different electric costs, the charge is determined by the range of available options and the price per Kilowatt (kWh). In California for instance, electricity averages around 18 cents per kWh, so an EV that has a range of 150 miles will be about $7 for a complete charge. How long will the batteries in electric cars last? The batteries found in an EV will last between 10 and 20 years until they require a complete replacement.

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of borrowing money to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.

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