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Hybrid vs. electric: How to choose Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing unique and impartial content. We also allow you to conduct research and compare information for free to 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 are from companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home loan products. This compensation, however, does affect the information we provide, or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that may be available to you.



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4 minutes read. Published 12 January 2023
Authored by David McMillin Written by Contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like mortgages, credit cards, banking, taxes and travel. David's goal is to help readers discover ways to save money and also stress less.








The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.









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If you are in the market for an upgrade to your vehicle You might be thinking about an entirely new approach to driving that involves fewer -or even no visits to the gas station. As more car manufacturers launch new models powered by electricity, motorists are considering making the switch. Research from the National Institute of Standards and Technology shows that 42 percent of Americans are at a minimum likely to be thinking about the possibility of an electric vehicle next time they buy something new for their garages. If you are in this category, there's a bigger question you'll need to answer. Should you leave some room for gas or spend the entire amount on electric? Compare the upsides and downsides of electric and hybrid vehicles prior to rushing to the dealer. There are differences between hybrids and EV Hybrid automobiles as well as plug-in hybrid vehicles or electric vehicle (EVs) are all created to help you curb or cut fuel costs. However, there are key distinctions between them that you should keep in mind. Hybrid models may use electricity or gasoline as the power source. They're equipped with both an electric motor and gasoline engines which work in tandem to run the vehicle. Plug-in hybrid models are like hybrid vehicles but they have an enormous rechargeable battery. If you drive while the battery is charged up, the fuel is preserved. But once the battery's charge is low the gasoline engine starts and the car is able to run, however like a normal hybrid. They are entirely battery-powered and only have one electric motor. You won't find a gas tank or engine inside this vehicle. How to choose between a hybrid and EV There isn't any one right or wrong choice when choosing between hybrid and electric. You should instead take into consideration a variety of elements, including where you live, what you are currently spending for gas and how dedicated you are to cutting down on your carbon footprint, and much more. "If you don't want to map out the miles you'll drive, you feel as though you're suffering from range anxiety, or may not have many charge stations around, the plug-in hybrid could be the best option for you," says Ronald Montoya, senior consumer advice editor at Edmunds. Consider the following options if you're considering a specific hybrid model. It's possible to share information on your driving habits and your home power setup to estimate your annual electric and fuel costs and amount of trips to the gas station. "If you're comfortable planning your routes in terms of distance 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 find out the locations of charging stations currently located, start with the . Hybrid advantages and disadvantages you look over the figures in the calculator for plug-in hybrids we'll go over the most important benefits and drawbacks that hybrids have to offer. Benefits Consider these advantages when evaluating hybrid vehicles: You won't have to worry about running out energy. Because hybrid vehicles still allow for gas use and diesel, you'll be covered by more than 145,000 gas stations across the country. You'll spend less money each month. Although every car comes with distinct prices, hybrid vehicles tend to be less expensive than vehicles powered by all-electric power, which helps keep your transportation costs under control. However, there are some negatives to be aware of that you'll still have need to pay the gas. Hybrid vehicles don't have the range of a vehicle that runs on electricity, which makes gasoline the main power source for long road trips. For instance the Environmental Protection Agency sets the Toyota RAV4 Hybrid's range that is electric-only to 42 miles. It is availableoption, but only for certain qualifying vehicles (hybrids must plug in and be new in order in order to qualify). There's still a chance to release tons of carbon. "The plug-in hybrid is able to decrease your fuel consumption," Montoya says, "but it's not 100." If you're serious about doing your part in reducing the carbon footprint of your home, you should know that a hybrid vehicle's gasoline usage will play a role in polluting the earth. Benefits of electric cars and drawbacks Those who are ideal have to consider the advantages and drawbacks of . There are many advantages that you will get when you purchase an electric vehicle: You can skip out on the high cost of gas. As of Jan. 9, 2023, the average cost per gallon of regular fuel is $3.28, . With an all-electric vehicle, you do not have to worry about rising prices for fuel. If purchased new, fully electric vehicles qualify for a . You'll make a positive impact on the world. As businesses and governments try to figure out how to address climate change, individuals can do something about it also. "If you want to completely eliminate fossil fuels, then you'll need an EV," Montoya says. There are some disadvantages to electric vehicles. Unfortunately, they have a few disadvantages. You may need to search for a place to charge your vehicle. If you're running low on battery, finding a place to recharge it isn't as easy as finding a petrol station. "You'll see that both the sides of the U.S. have the most charging stations," Montoya says. "It's the moment you enter the states in the north-central region like Montana, North Dakota and Wyoming where they become more sparse." But it's possible that the future for electric vehicles appears brighter with increasing charging stations, and plans from Federal government officials to reduce costs. You may be waiting an extended time for every charge to be completed. While charging stations that are fast and public are becoming more common however, the basic charging stations take a long time to get the juice needed to travel. For example 120V charging stations allow two to five miles of driving per one hour that they charge. It's fine if have a charge for the night, but it isn't convenient for those who need to quickly fill-up. . New cars are expensive in every way, but electric cars tend to come with higher cost of sticker and monthly payments than the gas-powered car you're familiar with. You could pay more, too. A study from financial technology company Self found that the cost of insurance for electric cars average greater than those for gas vehicles. In the end, whether you buy a hybrid or electric car, you'll need plenty of money to buy a new vehicle right now. Because prices are rising increasing, it's more crucial to be patient and consider what suits your lifestyle the best. You might not want to waste too much time, though. Auto throughout 2023 is due to a Fed rate hike in late 2022. It is recommended to first look at hybrids and electric vehicles to figure out which is most suitable for you. It's equally important to look around for lenders and today check to see if it's possible to secure a good deal on financing for your new car.


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Written by the writer who contributed to the article.

David McMillin is a contributing writer for Bankrate and writes about topics like mortgages, credit cards and credit cards, banking, taxes and travel. David's mission is to assist readers figure out how to save more and stress less.




Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances by providing clear, well-researched data that breaks complicated subjects into digestible pieces.






Auto loans editor




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