Gas vs Electric Cars: Everything You Need to Know

When it comes to deciding on your next car purchase, there’s a lot to think about. While it’s no secret that many car manufacturers are planning to transition away from gas-powered vehicles in the coming years, for many people, the jump to an electric vehicle can feel intimidating. Wondering how gas and electric cars compare, and which one is best for your lifestyle? Here’s what to think about when deciding between a gas and electric vehicle:

Maintenance

One of the biggest advantages of making the switch to an electric car is the reduced maintenance. Electric cars do not require oil changes or other typical maintenance that gas cars rely on. However, they still require occasional maintenance, such as tire rotations and regular service checks. On average though, you’ll spend twice as much on maintenance for your gas vehicle.

Fuel vs Electricity

Wondering how the costs of fuel compare for electric and gas-powered vehicles? According to data from a 2020 Consumer Reports study, drivers of gas vehicles typically spend around 60% more per year on fuel costs than owners of electric vehicles. Although it’s cheaper to power an electric car, the exact cost savings over time between charging an electric car and filling a gas car at the pump depends on several factors. Here’s what to think about:

• Gas prices: Gas prices frequently fluctuate within the same city, but also vary regionally. If you live in an area with lower gas prices, the cost savings will be different for you than someone in a different area.
• Electricity costs: The cost of electricity varies by region, and if you plan to charge your electric vehicle at home regularly, keep in mind that your electricity bill will be considerably higher. Because some areas have higher costs of electricity than others, this is an important factor to consider when deciding whether or not an electric car is the right option for you.
• At-home charging: Although charging your vehicle at home will cause your electricity bill to rise, it’s still generally cheaper than using public charging stations. The frequency in which you charge your electric car at home will impact your monthly electric bill.  

The exact cost of powering an electric vehicle compared to a gas vehicle depends on your lifestyle and the costs associated with the region where you live, so it’s important to consider these factors before making a decision.

Convenience

While electric vehicles trump gas cars in some aspects, one area where they likely don’t (yet) is convenience. While owners of gas cars rarely have to plan where and when to fuel their vehicles, charging an electric vehicle has yet to become as simple. Here are a couple of factors to consider:

• Driving range: Currently, gas cars typically have a longer driving range than electric vehicles, and even within electric vehicles, driving ranges vary. Depending on the electric vehicle you choose road trips and even day-to-day life is likely to require some extra planning.
• Availability of charging stations: Another factor that affects the convenience of driving an electric car rather than a gas car is the availability of charging stations. Some areas have more access to charging stations than others, although charging stations are only expected to become more widely available as the popularity of electric cars continues to surge.

Upfront Costs

Electric cars have a reputation for being considerably more expensive than gas cars, but are they actually? According to 2021 data, the average electric car was priced approximately $10,000 higher than the average car price in the industry. However, this cost differential is expected to gradually shrink in the upcoming years, as electric vehicles become more widely available, and manufacturers continue to develop less expensive models.

It’s also helpful to know that if you choose to purchase an electric car, you can likely take advantage of an electric car tax credit, totaling up to $7500, on your federal tax return. Your state and local municipality may also offer tax incentives, so take some time to research what cost-saving benefits may be available to you.

Find Your New Vehicle Today

As you can see, there’s a lot to consider when deciding whether to purchase a gas or electric car. However, regardless of whether you opt for a gas or electric car, Major World can help you find the perfect vehicle for you at an ideal price. Stop by Major World today to browse our wide selection of gas and electric vehicles.