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4 min read Read Published on January 12, 2023.

Authored by David McMillin Written by a contributing writer

David McMillin is a contributing writer for Bankrate and writes about topics such as credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers discover ways to save money and also stress less.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-studied information that break down complex topics into manageable bites.

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If you’re searching for new car and are contemplating a completely new approach to driving that requires feweror even no trips to the gas station. As more car manufacturers launch new models powered by electricity, motorists are considering making the switch. Data from the shows an average of 42 percent Americans are at least likely to consider the idea of purchasing an electric vehicle the next time they purchase something new to their garages. If you’re in that crowd, there is a bigger question you’ll need to answer. Do you need to leave some space for gas or go all-in on electric? Compare the upsides and downsides of hybrid versus electric vehicles before heading to the dealer. The differences between hybrid and EV Hybrid vehicles, plug-in hybrid cars as well as electric cars (EVs) can be designed to help you curb or reduce fuel expenses. However, there are key differences to be aware of. Hybrid vehicles can make use of electricity or gasoline as the energy source. They’re fitted with both an electric motor and a gasoline engine which work in tandem to run the vehicle. Plug-in hybrids are similar to hybrid cars, but come with a large rechargeable battery. If you drive the car while the battery is charging up, the fuel is conserved. But once the battery’s charge is low, the gasoline engine kicks in so the car can continue to function, though as a regular hybrid. They are entirely battery-powered and are powered by the electric power. You won’t find a gas tank or engine inside this vehicle. Which is better to go with electric and hybrid vehicles There isn’t a one right or wrong choice when choosing between hybrid and electric. You should instead consider a wide range of factors, including where you live, what you are currently spending on gas, how dedicated you are to the reduction of your carbon footprint and much more. « If you don’t want to plot the miles on your route and you’re feeling like you’re suffering from range anxiety, or may not have many charging points, the plug-in hybrid could be the best option for you, » says Ronald Montoya the senior editor of consumer advice at Edmunds. Consider the following options if you’re thinking about a particular hybrid model. You could share some details regarding your driving habits and your home’s power system to estimate your annual electric and fuel expenses and the number of trips to petrol stations. « If you are OK with organizing your travel routes in terms of distance and you have a charging station at home or work, » Montoya says, « you’re the ideal person to get an all-electric vehicle. » To find out where charging stations are currently in the area, begin with the . Hybrid benefits and drawbacks As you analyze the numbers in the calculator for plug-in hybrids here’s a rundown of the most important benefits and drawbacks for hybrid cars. Benefits Take note of these benefits when you are evaluating hybrid vehicles: You won’t be worried about running out of power. Since hybrid vehicles allow you to use gas they will be covered by more than 145,000 gas stations in the country. It will cost you less every month. Each car is unique and comes with a different price tag Hybrid vehicles generally be less expensive than all-electric vehicles, which helps keep your transportation costs under control. Drawbacks There are also some drawbacks to consider that you’ll still have to pay for fuel. Hybrid cars don’t have an extended range to operate on electricity, which makes gasoline the primary power source for longer travel. For instance the Environmental Protection Agency sets the Toyota RAV4 Hybrid’s electrical-only range as 42 miles. There’s a range available, however, only for certain vehicles (hybrids have to plug in and be new in order for eligibility). It’s still likely to produce plenty of carbon. « The plug-in hybrid will reduce your fuel consumption, » Montoya says, « but it’s not completely. » If you’re determined to do your part to lower the carbon footprint of your home, you must be aware that a hybrid car’s fuel consumption will still contribute to the pollution of the earth. Electric cars have their advantages and drawbacks, even the most ideal applicants have to consider the advantages and drawbacks of . The benefits Here are a few of the major benefits you’ll receive by purchasing an electric car: You can skip out on the high cost of gas. In the month of January. 9 2023, the median cost for a gallon of regular gasoline is $3.28, . With an all-electric vehicle, you do not have to worry about increasing fuel costs. If you purchase a brand new vehicle fully electric cars are eligible to be eligible for . You’ll make a positive impact on the planet. As governments and companies attempt to determine how to address climate change, individuals are able to take action as well. « If your goal is to completely quit fossil fuels, you’ll want 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 and you’re looking for a place to charge it isn’t as simple as finding a gas station. « You’ll find that both shores in the U.S. have the most charging station, » Montoya says. « It’s the moment you enter the northern states such as Montana, North Dakota and Wyoming in which they become sparse. » But it’s possible that the future for electric vehicles appears brighter with many more charging stations and plans from the federal government to bring down the cost. You may be waiting a while for each charge to finish. Although fast charging stations for public use are becoming more common but basic charging stations can take a long time to get the juice required to drive. For example, 120V charging stations only grant up to two miles of driving per one hour that they charge. That is OK if you have a charge for the night however it’s not ideal if you need a quick refill. . The cost of new cars is always high, but electric cars tend to come with greater price tags and monthly installments than the gas-powered car you’re used to driving. There could be a higher cost also. A study from Self, a financial technology firm Self found that the cost of insurance for electric cars are typically greater than those for gas vehicles. The bottom line Whether you purchase a hybrid or an electric car, you’ll need plenty of money to buy the latest model of vehicle. Given the current market prices , it’s even more important to take your time and evaluate what will suit your lifestyle better. It’s not a good idea to spend too long, though. The auto market will be in decline through 2023 due in part to the Fed rate increase in late 2022. Therefore, you should begin by looking at electric and hybrid vehicles in order to determine which one is the best for you. It’s equally important to look for lenders, and now to see if you can get a great price on financing the new car you want to buy.


Written by the writer who contributed to the article.

David McMillin is a contributing writer for Bankrate and covers topics like mortgages, credit cards tax, banking, and travel. David’s aim is to help readers figure out how to save money and also stress less.

Edited 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 manage their finances through providing precise, well-studied data that breaks otherwise complicated subjects into digestible pieces.

Auto loans editor

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