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8 minutes 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 to navigate the details of borrowing money to purchase cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances with precise, well-researched and well-studied facts that break down complicated subjects into digestible pieces. The Bankrate guarantee

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There are money-related questions. Bankrate can help. Our experts have been helping you master your finances for more than four decades. We strive to continuously provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict policy, so you can trust that our content is honest and accurate. Our award-winning editors and journalists create honest and accurate content to help you make the right financial decisions. Our content produced by our editorial staff is objective, factual and uninfluenced from our advertising. We’re transparent about the ways we’re in a position to provide quality content, competitive rates, and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products or services, or when you click on certain links posted on our website. So, this compensation can influence the manner, place and in what order products are listed in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. Other elements, such as our own website rules and whether the product is available in your region or within your self-selected credit score range may also influence the manner in which products are featured on this website. We strive to offer the most diverse selection of products, Bankrate does not include information about 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 the traditional gas-powered vehicle According to (KBB). The choice of electric — or any alternative fuel vehicle — could prove worthwhile for both your wallet as well as the environment. However, before you go to the dealership it is sensible to consider electric vehicles and understand the difference in terms of cost. What exactly is an electric car? The EV market has been growing in popularity in recent years and especially as the understanding of climate issues continues to grow. This, along with rising gas prices, has resulted in drivers seeking to save money by going electric. Unlike the typical gas-powered vehicles lining highways and parking lots, EVs have a motor that is powered by a battery. There are three types of electric vehicles. Hybrid electric vehicles (HEVs) powered by an electric motor and an internal combustion engine HEVs have the power of traditional gas-powered vehicles but with the added benefit of better performance and fuel efficiency. You do not charge an HEV like some of the EVs it is compared to, however the battery is charged by the engine. There are a large variety of brands and models of HEVs on the market. Some highly rated options according to KBB include those like the Honda Accord Hybrid, the Toyota RAV4 Hybrid and the Hyundai Elantra Hybrid. Plug-in hybrid electric cars (PHEVs) Plug-in hybrids is exactly as it sounds, a hybrid vehicle that is charged through a plug. It’s powered by a battery pack inside the vehicle and recharged by an external cable. The PHEVs can also utilize another fuel, usually gasoline for powering an internal combustion engine (ICE). This type of vehicle uses an electric battery until spent and then taps into it’s ICE capabilities. The options for PHEVs are a bit slimmer, but KBB’s top choices are 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) The fully electric vehicle is a step up and is entirely powered by an electric motor -there is no ICE or alternative fuel source involved. These have a battery pack which powers the vehicle. It is charged in the same way to a PHEV. They are charged via a specialized outlet. Although charging stations can be found locally, it is important to remember the added cost that a charger will cost if contemplating a fully electric. KBBs favorite fully EV choices are the Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. The cost of electric vehicles in comparison to. gas cars Before diving deep into the world of electric and hybrid cars it is important to understand the cost differences between electric and gasoline. While it is true that driving an EV may have lower costs overall, the upfront price tag is an obstacle for many. Lately, buying a new vehicle is expensive regardless of the power source. July 2022 saw record high average prices for transactions on new cars that exceeded $48,000, as reported by . However, the price of an EV is still more expensive than a gas-powered option. The KBB estimate for an EV exceeds $60,000that’s in line with an average luxury car price. However, it is predicted that to be that the EV market will grow to 40 percent by 2031, according to . This estimation is supported by the increasing number of vehicles entering the market. And, fortunately, this increase in EV availability acts as an opportunity to equalize. As more drivers consider purchasing electric vehicles, the average cost will drop. This is evident in the number of new models entering the market. For the quarter that began in early 2022 4.64 percent of new vehicle registrations were EVs, and 7.18 per cent were hybrid vehicles, as per Experian’s report on the automotive market trends. This made for a 60.4 percent growth in EVs over one quarter in 2022, and a 10.7 percent increase for hybrids. Cost of owning electric vehicles vs. gas cars While the initial cost of purchasing your next vehicle is important it is also important to consider the costs involved in maintaining and own the vehicle over the course of its ownership. Take a look at the cost-to-own analysis for five years for two top sedans , as per Edmunds. The first is a 2022 Chevrolet Bolt EV, comes with a price tag of $31,955 and offers a wide capacity, spacious cabin, and a well-rated handling. The second, the 2022 Mazda 3, is a popular gas-powered option with a lower MSRP of $24,115 that offers premium interiors, a smooth ride and turbocharged engines. Consider how the following 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 a basic scale, driving an electric vehicle means no more trips to the gas station. In a study for 2020, discovered that EV owners will spend, on average, 60 percent less for fueling their vehicles. The cost difference of gasoline between Chevy as well as the Mazda is more significant than the average. However, getting the power you need for your EV is not as simple as choosing regular, midgrade or high-end. Electric vehicle charging is broken down into three different options that come with different costs and advantages. One charging. It is by far the most popular form of charging and is available through the same outlet that you charge your cellphone with. They are the least efficient charging options and provide up to five and two miles charge per hour. Level two charging. These chargers, which are typically placed and found in your garage, use the same power as your washing machine. You can gain between 10 and 20 miles of charge in just one hour. Level three charging. Also called DC charging, these are available in public settings. They’re the most efficient method and motorists can receive an 80 per cent charge within 20 minutes. Just as washing your washer several times in succession will cost you more electricity and the extra cost when charging at home can be significant. The ongoing expense is in addition to the initial cost to set up an at-home charging station — which can range between $300 and $50,000, dependent on the capacity of charge. However, keep in mind that most communities have access to chargers, meaning you might not have to shell out to install it right away. Visit a free EV station map, to find chargers in your region. You can finance your careither gas or electric powered — simply apply online or in person to a few lenders before picking the , financing a green car may come with 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 generally 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 as high as $7,500, contingent on your home state. Insurance Insuring your car is an essential part of ownership that protects yourself as well as your family members. carries the same approach you’d use to cover a conventional vehicle option. It will include the bodily injury, collision, responsibility and comprehensive insurance. Like any other vehicle the price you pay will be based on various variables. However coverage for EV generally costs more than traditional gas-powered options. One reason is the price of the car’s components. A minor accident could result, for example having to pay for a battery pack replacement — which can be priced at upwards of $15,000. Bankrate analyzed 12 vehicle models provided by Quadrant Information Serves and found 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 as well as cons for electric cars Electric vehicles can offer a vehicle that’s better for the environment as well as your wallet in the long haul However, they do have downsides. Advantages of electric cars A few benefits to driving an electric car are: Less maintenance. Electric cars need fewer trips to the mechanic which can mean lower costs for expenses for oil change and brake system checks. A lower cost for the life of the car. Car ownership can be costly, but EVs come with a lower cost. More sustainable environmentally. EVs do not release pollutants from the tailpipe, making them better for local air quality and general carbon dioxide emissions. The latest technology is readily can be found. The latest models of electric cars include advanced control panels and mobile apps that allow you to control and monitor the car. There are cons to electric cars. Some drawbacks that come with driving an electric car include: higher cost of purchase. On average, buying an EV comes with a higher price upfront, averaging $12,000 more, according to the average KBB July 2022 transactions prices. A fear of distance. Charging stations can be a bit scarce and far between in some regions, which can leave motorists feeling anxious when looking for a spot to recharge their electricity. Faster vehicle depreciation. Vehicle incentives and battery degradation result in a rapid loss of value in the case of electric vehicles. The cost of installing an electric charging station. If you prefer the convenience of being able to charge at your own home, installation could cost as much as $50,000. Are electric cars the right choice for you? If your next set of wheels is electric, it should be thought of in the same way that you’d pick which model or style of a traditional car is right for you — focus on your lifestyle and needs. If your commute fits with the available range the EV provides or you are a fan of the sleek look and environmental benefits, then an EV could be an excellent choice. However, if committing to the full EV is too much of a financial commitment, you may want to consider , or opt for the hybrid or plug-in option when you’re planning to purchase. Hybrids and PHEVs tend to cost less upfront , but still offer the same money-saving benefits that a fully electric car can offer. Consider these main factors when shopping to ensure that the EV is worth your investment. The vehicle range If you have a long commute and do not have access to chargers along the route as well at the destination you are heading to, consider the vehicle range that the car you are considering buying. The average battery range can differ significantly based on the type of car. Be sure you do not buy a vehicle that you cannot easily keep charged for your daily outings. Access to chargers Before going to the dealer to look around, check for access to chargers in your area or think about the expense of installation and upkeep of an in-home charging station. This is a way of weighing the levels one, two, and three options with your needs. Your lifestyle It is not only it important to consider your lifestyle in terms of form but also terms of its function. Electric vehicles operate in a different way than what you may be familiar with. Because they rely on regenerative brakes, for instance, you will experience slower brakes, but a more comfortable overall driving experience. The final word: the cost to own an EV could be lower than a gasoline-powered vehicle. Even with a higher rate of depreciation as well as higher insurance costs and financing, the less maintenance cost and the five-year period to own an EV makes it a promising option. If you are a prospective car owner it is essential to decide which expenses matter 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 car? Depending on the size of the battery, the process can take as little as 30 minutes or 12 hours. A recommended best practice is to charge your electric vehicle by smaller portions instead of all at one time in order to decrease the time to charge. How much does it cost to charge an electric car? The exact cost to charge will vary by the location due to 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 per unit, which means that an electric car with a range of 150 miles would be between $7 and $7 for a full charge. How long will the batteries in electric cars last? The batteries found in an EV will last between 10 to 20 years, until they require a complete replacement.

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to buy a car. The article was edited by 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 manage their finances through providing concise, well-researched and well-organized facts that break down complicated topics into digestible pieces.

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