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8 min read published August 15 2022
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to buy a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate guarantee
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We are compensated in exchange for the promotion of sponsored goods andservices or when you click on certain links posted on our website. Therefore, this compensation may influence the manner, place and when products are displayed within the categories of listing and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other factors, like our own website rules and whether or not a product is available within your area or at your own personal credit score may also influence the way and place products are listed on this site. Although we try to provide the most diverse selection of products, Bankrate does not include the details of every credit or financial products or services. One in four new car buyers are now considering buying a hybrid or electric car similar to the traditional gas-powered vehicle as per (KBB). And choosing electric vehicles -- or any alternative fuel vehicle -- is a good idea both for your pocket as well as the environment. However, before you go to the dealership , it's recommended to research electric car options and be aware of the differences in cost of ownership. What is an electric car? The EV market has been growing in popularity over recent years, especially as the awareness of the environmental issues is growing. This, combined with and rising gas prices, has led to drivers looking to save money by driving electric. Unlike the typical gas-powered vehicles that line the highways and parking areas, EVs have a motor which is powered by batteries. There are three types of electric vehicle. Electric hybrid vehicles (HEVs) Powered by both an electric motor as well as an internal combustion engine HEVs are able to compete with the power of a traditional gas-powered vehicle and the benefits of improved fuel economy. You do not charge an HEV as you would with the EVs it is compared to, however batteries are charged through the engine. There is a wide range of makes and models of HEVs that are available in the marketplace. A few of the top choices as per KBB include the Honda Accord Hybrid, the Toyota RAV4 Hybrid and the Hyundai Elantra Hybrid. Plug-in hybrid electric cars (PHEVs) Plug-in hybrids is just as it sounds it is a hybrid vehicle can be charged by plugging it into. It is powered by batteries inside the vehicle and recharged by an external cable. The PHEVs can also utilize other fuels, typically gasoline to power their internal combustion engines (ICE). This kind of vehicle utilizes electricity until it is used up and then taps into its ICE capabilities. The options for PHEVs are a bit slimmer, but KBB's top choices include that of Ford Escape SE Plug-in Hybrid, the Hyundai Tucson Plug-in Hybrid as well as the Kia Niro Plug-in Hybrid. Full electric cars (EVs) Fully electric vehicle increases the quality and is entirely powered by an electric motorthere is no ICE or alternative fuel sources involved. These vehicles have a battery pack that powers the vehicle and is charged in a similar manner to PHEVs. They are charged via an outlet designed specifically for them. While charging stations are accessible locally, it's crucial to consider the additional costs of a charging station if considering a full EV. KBB's top fully-electric choices are those like the Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. Price of electric vs. gas cars Before diving deep into the world of electric and hybrid cars it is important to understand the differences in price between electric and gasoline. While driving an EV can come with lower overall costs, the upfront price tag is an obstacle for many. In recent times, purchasing a new car is costly regardless of the power source. July 2022 saw record high price for new vehicles of over $48,000, as reported by . However, the cost for an EV is still more expensive than the gas-powered alternative. According to the KBB estimates for an EV is over $60,000 -which is in line with the average luxury vehicle price tag. However, it is predicted that to be that the EV market will reach 40 percent by 2031, according to . This prediction is supported by the increased number of vehicles that are entering the market. It is a good thing that this rise in EV availability serves as a potential equalizer. If more people are considering purchasing electric cars and electric cars, the cost of them will go down. This is evident in the number of new options that are coming onto the market. For the quarter that began in early 2022, 4.64 percent of new car registrations were EVs, and 7.18 percent were hybrids, according to Experian's report on automotive market trends. This resulted in 60.4 percent growth for EVs in first-quarter 2022, and an 10.7 percent increase for hybrids. Cost of owning electric vehicles vs. gas cars While the initial cost of your next vehicle is important you must also understand the expense of maintaining and own the vehicle over the life of ownership. Look at the five-year cost-to-own comparision for two top sedans according to Edmunds. The first is 2022 Chevrolet Bolt EV, comes in at $31,955 MSRP . It has a large space, a spacious cabin and well-rated handling. The second, 2022's Mazda 3, is a popular choice for gas powered vehicles with a lower MSRP of $24,115. Both offer premium interiors, a smooth ride and an engine that is turbocharged. Consider how the following costs accumulated over five years of vehicle ownership will affect the type of vehicle 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
Cost of ownership for the real thing
$25,522
$31,277 Fuel On a basic scale, driving an electric vehicle will mean that there will be no need to gasoline stations. In a study for 2020, found that EV owners will pay, on average, 60 percent less to fuel their vehicles. The cost difference of fuel between the Chevy or the Mazda is more significant than that average. However, getting the power you need for your EV is not easy as simply choosing standard middle-priced or premium. EV charging can be broken down into three choices that have different benefits and costs. One charging. It is by far the most popular type of charging that is available through the same outlet that you charge your smartphone using. They are the most slow charging options and offer anywhere between 2 and 5 miles charge per hour. Level two charging. These chargers, which are typically placed and found in your garage utilize the same power that your washing machine would. You can gain up to 20 miles charging in just an hour. Level 3 charging. Also known as DC charging These are accessible in public settings. They're the most efficient option and drivers can receive an 80 percent charge in just 20 minutes. Just as running your washing machine several times in succession will cost you more electricity, the additional cost incurred when charging at home can add up. This ongoing cost is added to the one-time average price to install an at-home charger that could range from $300 to $50,000 according to the size of charge. But keep in mind that many communities now have access to chargers, which means you do not have to shell out to install it right away. Take a look at the free map of EV stations to locate chargers within your region. You can finance your cargasoline or electric powered -- simply apply online or in person with some lenders before settling on the , financing a green car can come with certain benefits. serve drivers looking to finance an electric car. These kinds of loans are typically offered by the credit union sector and typically offer lower rates of interest than conventional auto loans. You could also be eligible for , a financial incentive 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 Insurance is an essential part of owning a vehicle that safeguards you and your passengers. carries the same approach you would take to cover a conventional vehicle option. It will include bodily injury, collision liability and comprehensive coverage. Like any other vehicle, your exact price will be determined by several variables. But, insurance for an EV will typically cost more than traditional gas-powered options. One reason is the price of the vehicle's parts. An accident of a minor nature could cause, for instance having to pay for a replacement battery which could cost more than $15,000. Bankrate looked at 12 models of vehicles 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 rates expected for the Bolt in comparison to the Mazda 3. The pros as well as cons for electric cars electric vehicles may provide a drive which is healthier for the planet and your pocket in the long term however, they're not without disadvantages. Advantages of electric cars A few advantages of driving an electric car include: Less maintenance. Electric cars require less trips to the mechanic which can mean savings on expenses, such as oil changes and brake system checks. A lower cost for the life of the vehicle. Car ownership can be costly, but EVs come with a lower cost. More sustainable to the planet. They do not release pollutants from the tailpipe which is why they are better for local air quality as well as general greenhouse gas emissions. Modern technology is available. Many newer electric car models include advanced control panels and mobile apps that allow you to control and monitor the car. Cons of electric cars Some negatives associated with driving an electric car include: higher cost of purchase. In the average, purchasing an EV carries a steeper upfront cost, close to $12,000 more, according to KBB's average July 2022 transaction costs. Range anxiety. Charging stations can be few and far in certain regions, which can leave drivers feeling stressed when searching for a location to charge their electricity. Faster vehicle depreciation. The deterioration of batteries and incentives for vehicles cause a quick loss of value in the case of electric cars. Cost of installing the charging station. If you prefer the convenience of charging in your home installation could cost as much as $50,000. Is an electric car right for you? if your next set of wheels is electric, it should be thought of similar to how you'd choose which model or model of traditional vehicle is the best fit for youtake into consideration your lifestyle and requirements. If your commute works using the options an EV offers or if you are a fan of the sleek look and environmental benefits, then an electric car might be the best option. But if jumping into a full EV is too much of a financial commitment, you may want to consider , or opt for the hybrid or plug-in option if you're set on buying. Hybrids and PHEVs tend to cost less upfront , but still offer the same money-saving advantages that an electric vehicle does. Consider these main aspects when you are shopping to make sure that you're choosing an EV is worth the investment. The range of the vehicle If you're on a long commute to work , and don't have access to chargers along the way or at your destination, take into consideration the range of the vehicle that the car you are considering buying. The average battery range can vary greatly depending on the car model. Be sure you do not buy a vehicle that you cannot easily keep charged for your regular outings. Access to chargers Prior to going to the dealership to shop look for chargers in your neighborhood or think about the expense of installing and maintaining an at-home charger. This involves weighing the level one, two and three options according to your needs. Your lifestyle It is not only it crucial to think about your lifestyle in terms of form but also terms of its function. EVs tend to operate differently from what you are used to. Because of its dependence on regenerative braking, as an instance, you will experience slower brakes but more comfortable overall driving experience. The final word: the cost of owning an EV could be lower than a gasoline-powered vehicle. Even with steeper vehicle depreciation and possibly higher insurance and financing costs, the lower maintenance costs and the five-year time frame for owning an EV is a good choice. If you are a prospective car owner it is essential to consider which costs are important the most to you and whether EV is compatible with your life. FAQs How long does it take to charge an electric car Based depending on the dimensions of the battery, charging could take as few as 30 minutes or 12 hours. It is recommended to recharge your electric car in smaller increments rather than all at once in order to lessen the amount of time required to charge. How much does it cost to charge an electric car? The exact cost for charging will vary based on the location due to different electricity costs, the price is based on the range of available options and the price per kilowatt (kWh). In California for instance the average electricity price is 18 cents per unit therefore an electric vehicle with a 150-mile range would be between $7 and $7 for a full charge. How long do the batteries in electric cars last? The batteries in an EV can last between 10 to 20 years before they need a full 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 with the ways and pitfalls of borrowing money to purchase cars. Edited 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 with concise, well-researched and well-organized facts that break down complicated topics into digestible pieces.
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