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Tuesday, May 28, 2024

Gas-Powered vs. Hybrid vs. Electric Cars

As fuel-saving technology has developed in response to rising gas prices, the options available to car shoppers have also increased. Read on to learn more about the pros and cons of gasoline-powered, hybrid, and electric vehicles.

Initial Costs
The average new car in the US costs $32,769, but prices can be as low as $12,170 for a new Chevrolet Spark. Hybrids start around $19,515 for a new Honda Insight. The first electric models cost in excess of $100,000, putting them out of range for most consumers. However, there are new models that can actually be bought for less than the price of an average new car. Examples include the Nissan LEAF, with an MSRP of $21,300.

Continued Operation Costs
With a traditional vehicle, the cost of fuel is never-ending. Over time, this makes owning a gas-powered vehicle quite expensive. While some get better gas mileage than others, all will require a significant investment each month. The most fuel-efficient gas-powered cars cost $0.08-$0.10 per mile to operate, compared with $0.01-$0.02 per mile for some electric cars. The savings can really add up for daily commutes and short-range driving.

It’s also important to consider the limitations of electric vehicles. Typically, they have a range of 60-100 miles before they need to be recharged, a process that can take up to 8-12 hours from an empty fuel cell. If you regularly take long trips, a fuel-powered vehicle would be a better choice, despite additional costs.

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