Gas vs Electric: Which Car Is Right for You?

When purchasing or leasing a car, the cost of the car (albeit an important factor), should not be the only factor in your decision. The purpose of this article is to discuss Gas vs Electric cars so that you can make a more educated decision when it comes to your next vehicle purchase.

According to AAA, the average annual cost of new car ownership is $9,282. For most of the population, almost $10k is not mere pocket change. Therefore, it is advised to make sure everything is accounted for when going over your budget. You wouldn’t want any surprises!

For example, the cost of gas, licensing, insurance, possible repairs, and regular maintenance. These are just a few of the items to include in your budget. Before speaking with a car salesman, do some price comparisons online! If not for anything else, it will help you get a sense of what the average retail price of your desired car is.

Over the past few years, an increasing amount of people have become curious about electric cars. How do they recharge and how long does it take? Are there enough charging stations along travel routes? Are they truly better for the planet? How expensive are they? How do they compare to gas-fueled cars?

Overall, when it comes to gas cars vs electric gars, which car seems to be coming out on top?

Increasing Fuel Prices

First, let’s discuss the biggest difference between gas and electric cars- their fuel source.

For years, automobiles have relied on non-renewable resources such as gasoline and diesel. When there had been no other option available, little could be done by consumers. Either they could pay for the cost of fuel, or they could find other ways to make their commutes. Many of these consumers chose to pay the price. It truly shows the power of convenience.

On June 7th, 2022, Global News reported that gas prices were at record highs:

Unless you’re driving an electric car, you’re paying more than you’ve ever had to before for gasoline in Canada.
For anyone who is behind the wheel of a gas-fueled vehicle today, be it a large truck, medium-sized car or small hatchback, the price for gas is draining money out of their wallets.
Many across Canada are seeking relief, but analysts say further price hikes are on the way.
Global News

These are only 3 sentences of the news coverage. But, these 3 sentences make you wish you had an electric car, don’t they?

Electric Cars: Costly to Purchase, But Have Long-Term Benefits

Take a look at gas-fueled cars in comparison to electric cars. Your initial thoughts may be in reaction to the fact that electric cars are far more expensive upfront. It’s important to keep in mind that every car is an investment. Unless you’re a car collector, you are most likely hoping that a purchase of this financial magnitude only needs to occur a few times throughout your lifetime.

To continue being open-minded for the remainder of this article, try to remain undeterred by the cost. Rather than thinking of your short-term situation, take the time to look at the bigger picture. Do you still need help wrapping your mind around the cost? We understand, and so do many others.

This is why many car insurance providers offer savings depending on the car you purchase. For example, take a look at thePersonal‘s plans. Fuel-efficient cars save 10%, Hybrid cars save 15% and fully electric vehicles save 20%. As it states on its official website, “It pays to be green!”

Read more: Car Insurance Discounts Guide

An increasing number of car dealerships are encouraging the purchase and use of hybrid, (if not fully electric) cars. It’s not just the dealerships, either. Governments are also attempting to get rid of gas-fueled cars.

The U.S. government plans to end purchases of gas-powered vehicles by 2035 in a move to lower emissions and promote electric cars under an executive order signed by President Joe Biden on Wednesday.
– Reuters

In Need of More Charging Stations

Fans of electric cars sometimes go so far as to say that electric cars are the best inventions “since sliced bread”. However, if there is a lack of charging stations, they may not even get that far (pun intended).

“So right now, the federal government is committed to building 50,000 charging stations, but that is far, far short of what’s required to hit the 2035 target. We’re estimating that you would need nearly four million public charging stations and charging ports to achieve the targets that government has set out. So that’s a key barrier and [there is] much work to do.”
– “Electric vehicles face roadblocks as feds try to boost sales”

I suppose we will have to wait and see what happens when it comes to whether or not they hit their 2035 target!

Consumers Are Still Waiting…

No one was prepared for the changes the world was about to experience due to COVID-19. For those who love to plan ahead, well, they may have been one step ahead. If they were organized enough to have an emergency fund as part of their budget, that is.

I doubt many of us had been factoring a worldwide pandemic into the plans of our lifetime. This is a great lesson when it comes to being prepared for any, and all, possibilities. Being prepared is one thing. Some things simply being out of our control, is another.

The pandemic is one of the leading causes of delay (if not the complete cancellation), when it comes to plans and purchases.

Since I have started to ramble (just a tad), I won’t even begin to address the car shortage. However, I urge you to please read about it in more detail. It should at least be partly considered when doing the decision-making, along with the other great points (War in Ukraine, etc.) that are touched on in this article by Forbes.

Perhaps there is a decrease in the household income, or you’re tightening your belt just in case you’re part of a future job cut. There are many ways in which lives have been changed over the course of these times with COVID-19. It would be impossible to list all of the possible scenarios.

However, creating a plan ahead of time to help you stay financially responsible is always a wise decision. Whether there is a real cause for concern, or simply the threat of one. Whether your next car is new, used, or a trade-in; there are resources available to you in order to stay on top of your finances. Carpaymentcalculator.com, for example, is a great tool to use for planning your payments.

By using this site, you are able to calculate a car price that fits into your monthly/biweekly payments, or loan repayment budget. This way, you know where you need to draw the line. It may be tempting to say “It’s only X amount over my budget, I can make that work”. If you’re able to remove a luxury item/service to make room in your budget, that’s wonderful. However, be smart. Do not bite off more than you can chew.

With this online service, you can also calculate your car’s miles per gallon (MPG) yield, and print out your amortization schedules. Basically, it’s a useful tool to at least keep bookmarked- just in case.

Gas vs Electric Car — Photo Credit via First Car

If you’re the parent of a new/young driver…

You can also use Carpaymentcalculator.com as a teaching tool. There may be moments when it is hard to get older kids/young teens interested in learning about adult responsibilities. With this website, you can make a game of it! For example, for each piece of information they learn and are able to discuss briefly, allow them to play the same number of minutes on the arcade page.

Or, maybe there’s a term that is new to them and they need help to understand. Explain to them that if they look up the definition and write it down, they’ll get the reward of a few extra minutes of “play” time. Writing down information is a trick that is great to use both in and out of a school setting. It definitely helped me throughout all of high school and college.

Other factors aside, if a teen refuses to follow through with that one simple request, it may be a sign that they just aren’t ready to get behind the wheel yet. Driving is a privilege, and they need to be aware of that.

Of course, you know your child better than anyone else does. You’ll know when they’re able and responsible enough to take driving seriously. Research even shows that teen drivers whose parents are highly involved in the supervised driving process are fifty percent less likely to crash a car. I like the sound of that statistic, don’t you?

Gas vs Electric: Which one will YOU choose?

Purchasing a car is one of the bigger investments in your life. This is why, it is definitely worth weighing the pros and cons of any prospective car purchase. Take the time to go over each pro and con for both gas, and electric cars. Which one fits into your lifestyle and budget best?

You can hear all of the pros and cons from every expert on the planet. However, if they aren’t applicable to your personal needs, then their points are irrelevant. Take your time!

Are you thinking of purchasing an electric car? Let me know what your thoughts and experiences are!