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The Difference between a Hybrid & Electric Car. Can I Afford One?

Nicole Bacomo
By Nicole Bacomo - May 14, 2022

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In the market to buy a new car? You may have noticed the "buzz" about purchasing a Hybrid or Electric vehicle. What is all the hype? What's the difference and can you afford it? Depending on your preference, there may be a car that will not only save you money on gas and taxes but help the environment and have the latest technology if you are into those things. Car charging stations are popping up all over Miami and Fort Lauderdale. Why and should you care? That's why we have put together this auto-buying guide to help you along the way. 

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Hybrid, Electric, 0 Emissions, what’s the difference?

According to Firestone Complete Auto Care, a hybrid car combines gas and electricity to power the vehicle. An electric vehicle does not have a gas tank but instead has a high voltage battery pack. Electric vehicles do not produce emissions, while hybrid cars produce emissions when using gas.

Options for both Hybrid and Electric cars have grown over the years. There are now dozens of options to choose from, literally. Sites like Autotrader.com or myev.com are full of helpful comparison information.

Advantages and Disadvantages of Hybrid Cars

Companies like Ford, Toyota, Honda, and Lexus were early adapters of hybrid technology; today's cars have advanced with minor disadvantages. According to Automotive Diagnostic Specialties, here is the pros and cons for you to consider:

Pros:

Environmentally friendly – fewer emissions and more efficient gas mileage

Economical – Government incentives and tax breaks are currently being offered

Less fossil fuel dependent – less gas is required, which will also mean reduced gas costs

Lighter build – the environment is taken into consideration when making a hybrid car

Higher resale value – if you are interested in trading in or upgrading your hybrid vehicle, you will get more money for your car when compared to a gas engine vehicle

Cons:

Power efficiency – Sometimes, when the vehicle is switching from gas to battery, there may be a lag in power efficiency. These cars are becoming more powerful even when using battery power with today's technology.

Expensive to purchase: The cost of hybrid cars can be more expensive than traditional gas vehicles. Hybrid vehicles can run as much as ten thousand dollars more than gas vehicles. Hybrid cars make up for the cost difference over the vehicle's life through savings on gas.

High maintenance cost: As hybrid vehicles evolve, the technology to run the car may be costly. Fortunately, more and more car companies are investing in affordable hybrid options for consumers.

High Voltage batteries: As with any hybrid or electric vehicle, there is a risk when in an accident.

Advantages and Disadvantages of Electric Vehicles

Tesla has completely changed the electric car game. Other car companies are now investing in electric cars to attract consumers. Here are some comparisons from Energy Sage:

Pros:

Energy efficiency and smoother ride – Electric cars can run for extended periods when fully charged and usually have a quieter, smoother ride.

Reduced emissions – Electric cars produce little to no emissions and are better for the environment as they do not use gas.

Lower maintenance – The technology for electric cars makes them some of the "smartest" vehicles on the road. They often tell you what is needed. Removing gas and oil from the automobile means less maintenance on the car.

Cons:

Price – electric cars tend to cost more than traditional gas and hybrid vehicles

Charging – charging stations may be limited in some areas. It takes time for the car to charge. A home charging station is also needed, which can be pricey.

Limited driving – Long road trips could be challenging as charging stations are not easily accessible in some areas

Financing a Hybrid or Electric Car

Whether you are looking to purchase a Hybrid or Electric car, Tropical Financial Credit Union wants to help with the process. Understand how much car you can afford, by getting pre-approved. The application process takes less than 10 minutes. We want to help you get beyond money, and into the car of your dreams at a price you can afford.

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