According to a recent study by Consumer Reports magazine, driving a hybrid vehicle may be less expensive than driving an electric vehicle depending on where you live.
For example, in Massachusetts, the owner of a Toyota Corolla hybrid would spend $864 annually on gasoline, whereas the owner of a Nissan Leaf SV would spend $978 on electricity. However, this unique combination of cheap gasoline and expensive electricity is rare.
Although EVs are generally cheaper to run than gasoline-only vehicles, they are typically more expensive to purchase upfront.
However, they are expected to require less maintenance in the long run. Additionally, it is difficult to determine the exact cost of a new EV due to the uncertainty surrounding federal tax incentives.
Consumer Reports compared four EVs to their corresponding hybrid competitors, factoring in state tax credits where available.
They found that the BMW 330i xDrive gasoline-only vehicle was more expensive to fuel than the Tesla 3 AWD EV in all three states (California, Massachusetts, and Florida) they examined.
The Corolla hybrid was cheaper to fuel than the Nissan Leaf EV in Massachusetts but more expensive in California and Florida.
The Tucson hybrid was more expensive to fuel than the Ioniq 5 EV in all three states, and the electric F-150 Lightning was consistently less expensive to fuel than its hybrid counterpart.
While an EV may be the better option for some buyers, others may benefit more from a fuel-efficient hybrid.
Consumer Reports website includes a hub for EVs and hybrids available to subscribers. However, even the most cost-efficient hybrid still contributes to global warming more than a comparable EV, as it burns gasoline.
Ultimately, purchasing an EV or hybrid should be based on individual circumstances, including the availability of charging infrastructure, driving habits, and financial considerations.
Consumers can compare annual fuel costs for all vehicles currently on sale on Consumer Reports’ website and localize the results by finding their state’s average electricity price.
