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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 ways and pitfalls of borrowing money to purchase an automobile. 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 take control of their finances through providing concise, well-studied facts that break down complicated subjects into digestible pieces. The Bankrate guarantee

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You have money questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We are constantly striving to provide consumers with the expert guidance and tools required to succeed throughout life’s financial journey. Bankrate follows a strict policy, so you can trust that our information is trustworthy and precise. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the best financial decisions. The content we create by our editorial team is factual, accurate and uninfluenced through our sponsors. We’re transparent about how we are capable of bringing high-quality content, competitive rates and helpful tools for you , by describing how we earn money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products or services, or by you clicking on specific links on our site. So, this compensation can influence the manner, place and in what order products are displayed within the categories of listing and categories, unless it is prohibited by law. We also offer mortgage, home equity and other products for home loans. Other factors, like our own rules for our website and whether the product is available within the area you reside in or is within your self-selected credit score range can also impact 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 every financial or credit products or services. One-in-four new car buyers are now considering buying a hybrid or electric vehicle just as they would with the traditional gas-powered vehicle, according to (KBB). The choice of electric vehicles — or any alternative fuel vehicle could prove worthwhile both for your pocket and the environment. But before setting out to the dealership it is sensible to consider electric vehicles and be aware of the differences in cost of ownership. What exactly is an electric car? EVs have been exploding in popularity in recent times particularly as awareness of climate-related issues continues to grow. This, along with steep gas prices have all led to drivers looking to save money by driving electric. In contrast to the gas-powered cars that are commonly that line the highways and parking areas, EVs have a motor powered by a battery. There are three types that are electric cars. The hybrid electric vehicle (HEVs) are powered by an electric motor and an internal combustion engine HEVs boast the strength of traditional gas-powered vehicles and the benefits of improved performance and fuel efficiency. It is not possible to charge an HEV as you would with the EVs it is compared to, however it charges the battery via the engine. There are a large variety of models and makes of HEVs in the marketplace. A few of the top choices according to KBB are those like the Honda Accord Hybrid, the Toyota RAV4 Hybrid and the Hyundai Elantra Hybrid. Plug-in hybrid electric vehicle (PHEVs) Plug-in hybrids is just as it sounds it’s a hybrid car that can be charged by plugging it into. It’s powered by an internal battery within the vehicle and recharged via the external cables. PHEVs also use an alternative fuel, which is typically gasoline to power their internal combustion engines (ICE). The vehicle makes use of the electric charge until it’s spent and then taps into the ICE capabilities. The choices for PHEVs can be less limiting, however KBB’s top choices are those of the Ford Escape SE Plug-in Hybrid and the Hyundai Tucson Plug-in Hybrid as well as the Kia Niro Plug-in Hybrid. Full electric cars (EVs) A fully electric vehicle increases the quality and is powered completely with an electric motorthere is no ICE or alternative fuel sources are required. These have a battery pack that powers the vehicle and is charged in the same manner to PHEVs. Electric vehicles are charged using an outlet that is specifically designed for them. While charging stations can be accessible locally, it’s essential to be aware of the extra cost that a charger will cost, if you are contemplating a fully electric. KBB’s top fully-electric choices are the Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. Price of electric vs. gas cars Before diving in the deep end of hybrid and electric vehicles, it is essential to know the price differentiation between electric and gasoline. Although driving an EV may have less overall cost however, the initial cost is an obstacle for some. Lately, buying a new vehicle is expensive no matter what the source of power. July 2022 saw record high price for new cars that exceeded $48,000, according to . However, the price of an EV is higher than the gas-powered alternative. The KBB estimation for the EV is over $60,000 -that’s in line with an average luxury car price. However, it is predicted that the EV market will grow to forty percent in 2031, according to . This estimate is backed by the increased number of vehicles that are entering the market. It is a good thing that this increase in EV availability acts as an equalizer. When more consumers are looking into buying electric cars and electric cars, the cost of them will go down. This is evident in the number of new models coming onto the market. The first quarter in 2022, 4.64 percent of all new vehicle registrations were electric vehicles, while 7.18 percent were hybrids, according to Experian’s report of automotive market trends. This resulted in 60.4 percent growth for EVs in one quarter in 2022, and a 10.7 percent growth for hybrids. Cost to own electric vs. gas vehicles While the upfront cost of your next vehicle is important you should also consider the cost to maintain and maintain the car over the life of ownership. Take a look at the cost-to-own analysis for five years for two popular sedans , as per Edmunds. The first model, the 2022 Chevrolet Bolt EV, comes in at $31,955 MSRP . It comes with a huge range, spacious cabin and a well-rated handling. The other, a 2022 Mazda 3, is a popular choice for gas powered vehicles with a lower MSRP of $24,115 that offers a premium interior, a smooth ride and a turbocharged engine. Think about how the costs accrued over five years of vehicle ownership affect which model you would prefer. 2022 Chevrolet Bolt EV

2022 Mazda 3

Vehicle depreciation



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The true cost of owning


$31,277 Fuel On a basic scale, driving an electric vehicle means no more trips to the gas station. In a study for 2020, found that EV owners will pay an average of 60 percent less to fuel their cars. The cost difference of gas between Chevy or the Mazda is even steeper than that average. But getting power for your electric vehicle isn’t as simple as choosing regular high-end, mid-range or premium. Electric vehicle charging can be broken down into three options that all come with different costs and advantages. One charging. It is by far the most commonly used method of charging and is accessible through the same outlet you charge your cellphone using. They are the least efficient charging options and provide between two and five miles of charge per hour. Level two charging. These chargers, which are typically placed and found in your garage, use the same power that your washing machine would. You can gain 10 to 20 miles of charge in just one hour. Level 3 charging. Also called DC charging These are accessible in public spaces. They’re the fastest option and drivers can receive an 80 per cent charge in just 20 minutes. As washing your machine multiple times in a row can cost you more electricity The additional expense by charging at home could be significant. The ongoing expense is added to the cost to install an at-home charger that can vary between $300 and $50,000, depending on the level that the charge. However, keep in mind that many communities are now equipped with chargers, so you may not need to pay for installation right away. Visit a free map of EV stations to see chargers in your local area. You can finance your careither gas or electric powered — by applying online or in person with several lenders prior to deciding on the , financing a green car may come with additional benefits. For those who want to finance electric cars. These types of loans are typically found through the credit union sector and typically have lower interest rates than traditional auto loans. You could also be eligible for , a financial incentive that is available in certain states of the U.S. You can benefit by a credit of up to $7,500, depending on your home state. Insurance Insurance is an essential aspect of ownership that protects yourself and your passengers. This policy follows the same route that you’d take to protect a conventional vehicle option. It will include the bodily injury, collision, insurance coverage, and liability. Like any other vehicle the cost will depend on various factors. But, the insurance cost for an EV will typically cost more than conventional gas-powered alternatives. The reason for this is due to the cost of the car’s components. A minor accident can cause, for instance, in the need for a battery pack replacement — which can be over $15,000. Bankrate analyzed 12 vehicle models supplied by Quadrant Information Serves and found that, on the average the cost of insurance will be higher for electric cars. This is evident in the increased insurance cost expected for Bolt over the Mazda 3. Bolt over the Mazda 3. Pros and cons of electric vehicles EVs can provide a ride that’s better for the environment and your wallet over the long term, but they’re not without downsides. Pros of electric cars Some advantages of driving an electric vehicle include the following: less maintenance. Electric cars need fewer trips to the mechanic which means lower costs for expenses like oil changes and brake system checks. A lower cost for the life of the car. Car ownership can be costly however EVs carry a lower lifetime cost. More sustainable environmentally. Electric vehicles do not emit pollutants from tailpipes, making them more beneficial for the local air quality as well as general greenhouse gas emissions. Modern technology is available. Many newer electric car models include advanced control panels as well as mobile apps to control and monitor the vehicle. The cons of electric cars A few negatives associated with driving an electric car include: Higher purchase cost. On average, buying an EV has a more expensive initial cost, which is close to $12,000 more, according to KBB’s July 20, 2022 average transaction costs. The fear of range. Charging stations can be a bit scarce and far-fetched in some areas, leaving some motorists feeling anxious when looking for a place to get electricity. Faster vehicle depreciation. The deterioration of batteries and incentives for vehicles cause a quick loss of value when it comes to electric vehicles. Cost to install an electric charging station. If you prefer the convenience of being able to charge at your own home, installing a charging station 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 thought of in the same way that you’d pick which model or style of a classic car is best for you.- focus on your lifestyle and preferences. If your commute works with the range that the EV provides or you like the sleek design and environmental advantages, then an electric vehicle may be a great option. However, if committing to an all-electric EV is too big of a financial investment, you might want to look into the option of an electric or hybrid when you’re planning to purchase. Hybrids and PHEVs typically be less expensive upfront and carry some of the money-saving advantages that an electric car does. Consider these main factors when shopping to ensure that an EV is worth your investment. The range of your vehicle If you’re on a long commute to work , and don’t have access to chargers along the route as well at the destination you are heading to, take into consideration the vehicle range that the car you are considering buying. The average battery range can vary greatly depending on the model. Be sure you do not purchase a car that isn’t able to easily charge for your daily outings. Access to chargers Before going to the dealer to look around look for chargers in your area or look into the cost of installing and maintaining an on-site charger. This means weighing the level one, two, and three options according to your needs. Your lifestyle It is not only it crucial to think about your way of life in terms of style but also in terms of its function. Electric vehicles operate in a different way than what you may be accustomed to. Because they rely on regenerative braking, for example, you can expect slower brakes, but a more comfortable overall driving experience. The final word: the cost to own an EV is less than a gasoline-powered vehicle. Even with higher depreciation rates for vehicles and potentially higher insurance and financing, the lower maintenance and five-year cost to own an EV can make it a viable option. As a car buyer, it is important to determine which costs matter most to you, and if EV fits the rest of your life. Questions about how long it will take to charge an electric car? Based on the size of your car’s battery, charging can take as few as 30 minutes or as long as 12 hours. A recommended best practice is to charge your electric vehicle by smaller portions instead of all at one time in order to lessen the charge time. What is the cost to recharge an electric car? While the exact price for charging will vary based on location due to varying electricity costs, the price is based on the available range and price per Kilowatt (kWh). In California for instance, electricity averages around 18 cents per kWh, therefore an electric vehicle that has a range of 150 miles will fall somewhere about $7 for a complete 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.


Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of borrowing money to purchase an automobile. Written 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 the confidence to take control of their finances by providing concise, well-researched and well-organized information that breaks down complicated topics into digestible pieces.

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