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Electric vs. gas-powered vehicles: Which is superior? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive financial calculators and tools that provide objective and unique content, by enabling users to conduct research and compare data for free – so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation could affect how and when products are featured on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage and home equity products, as well as other products for home loans. However, this compensation will have no impact on the content we publish or the reviews that appear on this website. We do not cover the entire universe of businesses or financial offers that may be open 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 buy cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched facts that break down complicated topics into bite-sized pieces. The Bankrate promises

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There are money-related questions. Bankrate has the answers. Our experts have been helping you master your money for over 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 , so you can trust that our information is trustworthy and accurate. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the right financial choices. Our content produced by our editorial staff is factual, objective and is not influenced through our sponsors. We’re open about how we are capable of bringing high-quality information, competitive rates and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or by you clicking on certain hyperlinks on our website. Therefore, this compensation may affect the way, location and in what order products are displayed within the categories of listing, except where 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 proprietary website rules and whether or not a product is available in your region or within your personal credit score could also affect the manner in which products are featured on this site. While we strive to provide an array of offers, Bankrate does not include information about each credit or financial product or service. One-in-four new car buyers are now considering buying a hybrid or electric car like they would gasoline-powered vehicles, according to (KBB). The choice of electric — or any alternative fuel vehicle is a good idea for both your wallet and the environment. However, before you go to the dealer, it’s recommended to research electric car options and understand the difference in cost of ownership. What is an electric car? Electric cars have seen a huge rise in popularity over recent years, especially as the awareness of climate-related issues is growing. This, in conjunction with rising gas prices, has caused drivers to save money driving electric. In contrast to the gas-powered cars that are commonly lining highways and parking lots, EVs have a motor which is powered by a battery. There are three types of electric vehicle. The hybrid electric vehicle (HEVs) are powered by an electric motor and the internal combustion engine, HEVs have the power of a gas-powered traditional vehicle and the benefits of improved fuel economy. There is no charge for an HEV the same way as its EV counterparts but rather it charges the battery via the engine. There is a wide range of makes and models of HEVs that are available in the marketplace. 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, as the name suggests it’s a hybrid car that you plug in to charge. It is powered by a battery pack inside the vehicle that is recharged via another cable. PHEVs also use an alternative fuel, which is typically gasoline to power an internal combustion engine (ICE). This type of vehicle uses an electric battery until it is used up and then taps into its ICE capabilities. The options for PHEVs are smaller, but KBBs standout options include that of Ford Escape SE Plug-in Hybrid as well as the Hyundai Tucson Plug-in Hybrid as well as the Kia Niro Plug-in Hybrid. Fully electric vehicles (EVs) A fully electric vehicle increases the quality and is powered completely with an electric motor- no ICE or additional alternative fuel sources involved. 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 found locally, it is essential to be aware of the extra expense for a station to charge if considering a full EV. KBB’s top fully-electric choices are the Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. Cost of electric as compared to. gas cars Prior to diving headfirst into the world of electric and hybrid cars it is essential to know the differences in price between electric and gasoline. Although driving an EV will have lower costs overall however, the initial cost is an obstacle for some. Lately, buying a new vehicle is expensive regardless of its power source. July 2022 saw record high price for new vehicles of over $48,000, as per . However, the price of an EV is higher than that of a gasoline-powered vehicle. It is estimated by KBB estimates for an EV is more than $60,000which is in line with the average luxury car price. However, it is predicted that the EV market will reach 40 percent by 2031 according to . This estimation is supported by more vehicles hitting the market. It is a good thing that this growth in EV availability acts as an equalizer. When more consumers are looking into buying electric cars their costs will go down. This is evident in the number of new options that are entering the market. In the first quarter of 2022 4.64 percent of new car registrations were for electric vehicles, and 7.18 per cent were hybrid vehicles, as per 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 the same for hybrids, with a 10.7 percent increase for hybrids. Cost to own electric as compared to. gas-powered cars Although the initial cost of the next car is crucial, you must also understand the expense of maintaining and maintain the car over the life of ownership. Consider the five-year cost-to-own comparison of two popular sedans , as per Edmunds. The first model, a 2022 Chevrolet Bolt EV, comes in at $31,955 MSRP and comes with a huge space, a spacious cabin and well-rated handling. The other, a 2022 Mazda 3, is a popular choice for gas powered vehicles with a lower MSRP of $24,115. Both offer a premium interior, a smooth ride and a turbocharged engine. Take into consideration how the expenses accumulated over the course of five years of 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

True cost to own

$25,522

$31,277 Fuel On the most basic level, owning an electric vehicle means no more trips to fill up at gasoline stations. In a study for 2020, found that EV owners spend on average 60 percent less money to fuel their cars. The cost difference of fuel between the Chevy and the Mazda is more significant than the typical. However, getting power for your EV is not easy as simply choosing standard high-end, mid-range or high-end. Electric vehicle charging can be broken down into three choices that carry different costs and benefits. The first option is charging at a level one. The most common type of charging that is accessible through the same outlet you charge your cellphone with. They are the slowest charging option and offer between two and five miles of charging per hour. Level two charging. These chargers, usually installed in garages are powered by the same electricity that your washing machine would. You can gain between 10 and 20 miles of charge in just one hour. Level three charging. Also known as DC charging, these are available in public areas. They’re the fastest alternative and users can get an 80 percent charge in just 20 minutes. Similar to how washing your machine multiple times in a row will cost you more electricity, the additional cost incurred by charging at home could be significant. The ongoing expense is in addition to the initial cost for installing an at-home charger — which can range between $300 and $50,000, dependent on the capacity of the charger. However, keep in mind that most communities have access to chargers, meaning you might not need to pay for installation right away. Visit a free map of EV stations to find chargers in your region. You can finance your careither gas or electric powered — simply apply online or in person to some lenders before settling on the green car may come with additional benefits. These loans are available to those looking to finance an electric car. These kinds of loans are typically found through the credit union sector and generally offer lower rates of interest than traditional 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 from a credit worth as high as $7,500, contingent on your home state. Insurance Insuring your car is an essential aspect of ownership that protects yourself as well as your family members. This policy follows the same route you’d use to cover the standard vehicle options. It will cover collision, bodily injury, responsibility and comprehensive insurance. Like any other vehicle the cost will be based on various factors. But, the insurance cost for an EV will typically cost more than conventional gas-powered alternatives. One reason could be the price of the car’s components. An accident of a minor nature could cause, for instance having to pay to replace a battery pack — which can be upwards of $15,000. Bankrate examined 12 car models that were provided by Quadrant Information Serves and found that, on the average, premiums will be higher for electric cars. This is demonstrated by the increased insurance cost expected for the Bolt as compared to Mazda 3. Pros as well as cons for electric vehicles electric vehicles may provide a drive that’s better for the environment and your pocket in the long term However, they do have negatives. Pros of electric cars Some advantages of driving an electric car are less maintenance. Electric vehicles require less trips to the mechanic, and that can result in savings on expenses for oil change and brake system checks. Lower cost over the life of the car. Car ownership can be costly, but EVs come with a lower cost. Better for the environment. They do not release pollutants from tailpipes, making them more suitable for local air quality and overall emission of greenhouse gases. Modern technology is is available. A lot of the latest electric cars have advanced control panels as well as mobile applications to manage and monitor the car. The cons of electric cars A few drawbacks that come with driving an EV are: Higher cost to purchase. On average, buying an EV has a more expensive initial cost, which is close to $12,000 more, based on KBB’s average July 2022 transaction costs. Range anxiety. Charging stations are often few and far-fetched in some locations, leaving drivers stressed while searching for a location to charge their energy. Faster vehicle depreciation. The deterioration of batteries and incentives for vehicles create quick value loss when it comes to electric cars. Cost to install the charging station. If you prefer being able to charge at your own home, the installation could cost as much as $50,000. Are electric cars the right choice for you? If your next set of wheels should be electric should be considered similar to how you’d choose the model or design of traditional vehicle is the best fit for you- focus on your lifestyle and needs. If your commute is compatible with the range that and the range of options an electric vehicle offers, or if you are a fan of the sleek look and environmental advantages, then an electric vehicle may be a great option. However, if committing to the full EV is too much of a financial commitment, you might want to look into , or opt for the hybrid or plug-in option in the event that you’re considering buying. Hybrids and plug-ins generally cost less upfront , but still carry some of the money-saving benefits that a fully electric vehicle does. Take note of these key factors when shopping to ensure that you’re choosing an EV is worth the investment. The vehicle range If you’re on a long commute to work , and don’t have access to charging stations on the way or at your destination, think about the range of the vehicle that the new vehicle you’re considering purchasing. The typical battery’s range will differ significantly based on the type of car. Be careful not to purchase a car can’t be easily charged for your daily outings. Access to chargers Before going to the dealership to browse make sure you have access to charging stations in your region or look into the cost of installing and maintaining an at-home charger. This means weighing the level one, two, and three options with your needs. Your lifestyle. Not only is it crucial to think about your lifestyle in terms of form but also as a terms of its function. Electric vehicles tend to function differently than the ones you’re familiar with. Because they rely on regenerative braking, for example, you can expect a slower brake but a smoother overall drive. The final result The cost to own an EV could be lower than a gasoline-powered vehicle. Even with steeper vehicle depreciation as well as higher insurance costs and financing, the lower maintenance costs and the five-year time frame to own an EV is a good choice. As a car buyer it is essential to consider which costs are important most to you, and whether EV will fit into your lifestyle. FAQs What is the time it takes to take to charge an electric vehicle? Based upon the capacity of your vehicle’s battery, the process can take as little as 30 minutes or as long as 12 hours. The best way to go is to charge your electric vehicle in smaller increments rather than all at once in order to lessen the charge time. What’s the price to recharge an electric vehicle? While the specific price for charging will vary based on region due to the different electricity costs, the price is determined by the range of available options and the price per kilowatt (kWh). In California for example, electricity averages around 18 cents per kWh which means that an electric car with a range of 150 miles would cost 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 to 20 years before they require a complete replacement.

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-researched and well-organized information that breaks down complex subjects into bite-sized pieces.

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