Gas prices may have cooled off after peaking last year.
The easy solution to save money is to just drive less, but thats not practical for most families.
What Is a Hybrid Car?
The Inflation Reduction Act extended thefederal EV tax creditlaw and expanded options for used EVs. Do your research to see which EVs are eligible before signing on the dotted line for a new car.
Unlike true, 100% electric vehicles, hybrid models only have small lithium-ion batteries.
While driving, you could recharge a hybrids electric battery through regenerative braking.
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What Is an Electric Vehicle?
An electric vehicle (EV) runs solely on electric power generated by a high-voltage battery pack.
Unlike hybrids, fully electric vehicles do not have tailpipe emissions.
Did you know?
EVs generally require anywhere from six to 12 hours for a full charge.
What Is a Plug-In Hybrid Vehicle?
A plug-in hybrid vehicle (PHEV) has a gas-powered engine and an electric motor powered by a battery.
When the charge runs out, the vehicle switches over to the gas engine.
For this luxury, PHEVs require charging, just like electric cars.
However, sales across the industry were down in 2022 due to inflation and supply shortages.
Even so, hybrid vehicles grabbed a larger share of the market compared to 2021.
So what is drawing more people to hybrid models and what drawbacks should drivers anticipate?
Lets take a more in-depth look at the biggest benefits and drawbacks of electric vehicles.
Lets take a more in-depth look at the biggest benefits and drawbacks of plug-in hybrid vehicles.
Hybrids, electric vehicles and PHEVs all offer drivers a cleaner alternative to traditional gas-powered cars.
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Youll also still have to pay for gas on occasion.
On top of that, a plug-in hybrid is more expensive than a traditional hybrid car.
The biggest disadvantage of electric cars is the range.
This makes EVs unviable for road trips.
Electric vehicles are also expensive (but some still come with a $7,500 tax credit!)
and require the installation of charging infrastructure at home.
The best part about EVs?
They dont require the same routine maintenance that gas cars do.
Thats roughly $1,000 in fuel savings each year.
But electric cars have large upfront costs.
Hybrid cars are more efficient than traditional gas-powered vehicles, especially in city driving.
Contributor Timothy Moore is a writer and editor in Cincinnati.
He focuses on banks, loans and insurance plus automotive stories for The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
