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Hybrid vs. electric: How to choose Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. This allows users to conduct research and analyze data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site come from companies that compensate us. This compensation could affect how and where products are displayed on this site, including for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other products for home loans. This compensation, however, does affect the information we publish, or the reviews you read on this site. We do not include the universe 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 a contributing writer

David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards and credit cards tax, banking, and travel. David's goal is to help readers understand how to save more and stress less.








Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-studied information that break down complex topics into digestible chunks.









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If you're in the market for an upgrade to your vehicle, you might be thinking about an entirely new approach to driving that involves fewer -- or no -- visits to the gas station. As car makers unveil new electric-powered models, drivers are pondering making the switch. Data from the shows that 42 percent of Americans are at least likely to think about the idea of purchasing an electric vehicle the next time they get something new to add to their garages. If you're part of this group, there's more important question to answer. Should you make room for gas or go all-in on electric? Consider the pros and cons of hybrid versus electric vehicles before you head to the dealership. The distinctions between hybrid and EV Hybrid vehicles such as plug-in hybrids, plug-in hybrid cars, or electric vehicle (EVs) can be made to help you curb or cut fuel costs. However, there are key differences between them to be aware of. Hybrid models can use electricity or gasoline as a energy source. They're fitted with both an electric motor and gasoline engines that work together to operate the vehicle. Plug-in hybrid models are similar to hybrid vehicles but they have an enormous rechargeable battery. If you operate the vehicle while the battery is charging up, the gasoline will be preserved. But once the battery's charge is low the gasoline engine starts to allow the vehicle to operate, but as a regular hybrid. They are entirely battery-powered and only have one electric motor. You won't see a gasoline tank or engine in the vehicle. What is the best way to decide between electric and hybrid vehicles There isn't a one right or wrong choice to deciding between hybrid and electric. It is best to take into consideration a variety of elements, including the location you reside in, how much you currently spend in gas costs, the extent to which you are committed you are to cutting down on your carbon footprint, and more. "If you're not looking to plan out the distances you'll travel and you're feeling like you suffer from range anxiety or don't have many charging stations, then the plug-in hybrid could be an ideal choice," says Ronald Montoya who is the senior consumer advisor at Edmunds. Start with the if you're considering a specific hybrid model. It's possible to share information on your driving habits and your home's power system to estimate your annual fuel and electricity costs as well as the how often you visit 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 candidate for an all-electric vehicle." To determine the locations of charging stations currently in the area, begin with the . Hybrid advantages and disadvantages you analyze the numbers from the plug-in hybrid calculator, here's a rundown of the main advantages and disadvantages that hybrids have to offer. Benefits Consider these advantages when you are evaluating hybrid vehicles There's no be worried about running out of power. Since hybrid cars permit you to fuel them they will get covered by over 145,000 gas stations in the country. You'll spend less money each month. Although every car comes with an individual price hybrids tend to have lower monthly payments than electric vehicles that can help keep your expenses for transportation under control. But there are a few negatives to be aware of That's because you'll have to spend at the pump. Hybrid vehicles don't have a long range for operating on electricity, which makes gasoline the main power source for longer journeys. For example it is the case that Environmental Protection Agency sets the Toyota RAV4 Hybrid's range that is electric-only at 42 miles. It is availableoption, but only for certain vehicles (hybrids must plug in and be new in order for eligibility). It's still likely to produce lots of carbon. "The plug-in hybrid will decrease your fuel consumption," Montoya says, "but it's not completely." If you're serious about doing your part to lower the carbon footprint of your home, you must be aware that a hybrid car's fuel consumption will still play a role in polluting the environment. Full electric car benefits and drawbacks Even ideal candidates will need to weigh the benefits and drawbacks of . The benefits Here are a few of the major advantages that you will get when you purchase an electric vehicle You will not have to pay on paying high gas prices. In the month of January. 9, 2023, the average cost per gallon of regular fuel was $3.28, . With an all-electric vehicle, you won't have to worry about rising prices for fuel. If purchased new fully electric cars are eligible for . It will have a positive effect on the planet. As governments and companies try to figure out how to tackle climate change, individuals are able to take action, too. "If you're looking to completely get off fossil fuels, you'll require an EV," Montoya says. Drawbacks Unfortunately, electric vehicles also have some downsides: You might need to search for a place to charge your vehicle. If you're running low on battery and you're looking for a place to recharge it isn't as easy as finding a petrol station. "You'll discover that both coasts of the U.S. have the most charge stations," Montoya says. "It's the moment you enter the north-central states like Montana, North Dakota and Wyoming in which they become scattered." But the future of electric vehicles looks bright with more charging stations and plans by the federal government to reduce prices. There could be for a long time for each 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 provide the juice to go far. For example, 120V charging stations only grant up to two miles of driving time for each one hour that they charge. That is OK if you are charging for a long time but not practical when you're in need of a quick refill. . All new cars are pricy and electric cars tend to come with greater sticker prices and monthly payments as compared to the gas vehicle you're used to driving. You could pay more, too. A study from financial technology company Self revealed that the insurance costs for electric cars are typically more than gasoline cars. In the end, whether you opt for a hybrid or electric vehicle, you'll need enough money to purchase a new vehicle right now. Since prices are increasing, it's more crucial to slow down and consider what suits your lifestyle best. You might not want to spend too long, though. Automobiles will continue to be available until 2023, is due to a Fed rate hike that will occur in the latter part of 2022. Therefore, you should begin by looking 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 get a great price on financing the new car you want to buy.


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Written by a contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like mortgages, credit cards and credit cards banks, taxation, and travel. David's aim is to help readers discover ways to save more and stress less.




Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.






Auto loans editor




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