Price Breakdown: Electric vs Hybrid – Which Is a Better Value For You?
If you’re in the market for a hybrid vehicle, you’re not alone. According to recent news reports, the hybrid vehicle market is heating up, while the electric vehicle market is cooling down.
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In fact, a Gallup poll found that while EV ownership is up, that increase is matched by a bigger decrease in the percentage of people saying they’ll buy one.
When it comes to electric versus hybrid, which is a better value for you? Here are some things to consider.
Upfront Costs
In general, hybrids are cheaper than fully electric cars in terms of upfront costs. According to Cox Automotive, in Q1, the average EV sticker price was around $55,000. On the other hand, the average cost of a hybrid was around $42,500.
Maintenance Costs
Taking a look at maintenance costs, they are typically much cheaper for EVs than gas and hybrid cars. Electric vehicles have fewer moving parts and lack features such as an exhaust system or multigear transmission.
Insurance Costs
On the flip side, it’s typically more expensive to fix an EV after an accident or when it needs repairs, which can lead to higher insurance costs. However, insurers think those costs will come down as they gather more data on EVs and their repairs.
Driving Costs
When looking at electric versus hybrid, think about how you drive. If you drive fewer than 100 to 150 miles per day, an EV might be a better way to go. That’s especially true if you can charge at home or work. However, if you do more long-range driving on a regular basis — and especially if EV chargers are not readily available on your commute — a plug-in hybrid or mild hybrid makes more sense.
In case you were wondering, most Americans are taking several smaller trips a day — the average American drives fewer than 40 miles a day. That’s far less than the 200 miles of range an entry-level EV has with a full charge.
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