In 2019, do you know what’s gaining momentum like a steam train? ELECTRIC CARS.
Let's Start With ALL The Options...
Vehicle Option #1: Gasoline
- Drive for long distances
- Fills in less than 5 minutes
- Cheapest option
- Many mechanical parts which could break
- Emits pollusion
Vehicle Option #2: Diesel
- Drive for long distances
- Fill-up in less than 5 minutes
- Engines tend to be more reliable in the long term
- Highest polluter
Vehicle Option #3: Hybrid
- Cheap fill-up costs
- Highly fuel efficient drivetrains
- Usually very reliable long term
- Often cost more brand new
Vehicle Option #4: Plug-In Hybrid
- Most give you enough EV range to never burn a drop of fuel
- Good fuel economy when battery depleted
- Can be pricey at first
- Most only do level 2 charging an can take hours to charge to 100%
Vehicle Option #5: Electric
- No pollution
- Save money in fuel expenses
- Some are very fast
- Easy to drive
- Upfront costs are highest
- Range anxiety
Doing the Math
What i’ve done below is pick five different automobiles in each category (gas, diesel, hybrid, plug-in hybrid, and electric). Each vehicle is the best representation for each category. I picked BASE models and have applied government and state tax credits where necessary.
Have a look:
- #1 is 2018 Hyundai Elantra SE (MSRP: $20,950, mpg City 32, Highway 40, Combined 36)
- #2 is 2018 Chevy Cruze Diesel (MSRP: $25,620, mpg City 31, Highway 48, Combined 39)
- #3 is 2018 Hyundai Ioniq Hybrid (MSRP: $22,200, mpg City 57, Highway 59, Combined 58)
- #4 is 2018 Honda Clarity Plug-In Hybrid (MSRP: $33,400, mpg City 44, Highway 40, Combined 42, Electric Range 47 miles)
- #5 is 2018 Chevy Bolt EV (MSRP: $36,620, Electric Range 238 miles, Battery Size 60kWh)
Fuel Costs Compared
As you read the list below, the cost per month is an estimate only. Things such as sales tax, interest rates, down payments and purchase prices can vary significantly.
These figures are calculated without a down payment.
Cost Saving Perspective:
- Number one from a pure cost saving aspect is going to be the 2018 Hyundai Ioniq Hybrid. You’d be spending around $475.71/month for 60 months (until vehicle is payed off).
- A close second is the 2018 Hyundai Elantra SE. It will have a monthly cost of around $478.43 for 60 months (until vehicle is payed off).
- Number three is the 2018 Honda Clarity Plug-In Hybrid. Monthly cost associated with owning that car for 60 months is $587.85.
- Next up as number four is the 2018 Chevy Cruze Diesel. It came out to be around $587.85/month for 60 months.
- Last in this list would be the Chevy Bolt EV which equalled out to $604.25/month for 60 months.
- Number one is as you’d expect, the electric car.
- A close second would be any kind of plug-in hybrid vehicle (ideally with range of 20+ miles per charge).
- Number three is a hybrid vehicle that consumes less than 10 gallons of fuel per fill-up.
- Next up in number four is a standard gasoline vehicle.
- Last in this list would be any kind of diesel vehicle.