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It’s no secret that electric vehicles (EVs) and hybrids are gaining traction in the car buying market. As production increases, new, more affordable EVs and hybrids look enticing to more car buyers. If you’re looking to make the switch from gas to electric or even just looking to learn more, this article may help you decide if you should hop on the electrical wave.

There are three types of car technologies that use the word “electric” – hybrid electric, plug-in hybrid electric and fully electric. These vehicles provide a range of options for consumers to consider:

A traditional, gas-powered vehicle is marked by its internal combustion engine (ICE), which is sometimes used as shorthand to refer to traditional cars when discussing EVs. If you're looking to make the switch, but are still on the fence, a hybrid or PHEV may offer a middle ground that still feels familiar. Both hybrids and PHEVs have lower emission levels than typical gas vehicles on the road.

Owning an electric vehicle is an attractive option for many drivers because of several notable upsides:

Electric vehicles are at the forefront of technological advancements in the automotive industry. If you’re looking for a quiet ride, the battery in an EV is strikingly silent compared to ICE vehicles since there are no gears, valves or fans. Combine this with features like intelligent collision warnings, advanced braking, AI-assisted systems and touchscreen consoles and you’ll enjoy many new high-tech features on the market today.

Although the upfront cost of an EV or PHEV is often higher than an ICE, there are other ways EVs help you save. One perk includes lower maintenance costs — no oil changes, spark plugs or timing belts necessary. According to the U.S. Department of Energy, EV owners can save approximately $4,600 on avoided maintenance costs over the life of the vehicle compared to a gas-powered car — and don’t forget savings on gas.

An obvious benefit of owning an EV, PHEV or hybrid is lower tailpipe emissions than driving a fully  gas-powered vehicle. EVs produce zero tailpipe emissions, and both PHEVs and Hybrids produce significantly less pollution than traditional cars. Additionally, using electricity (rather than gas) to either fully or partially power your plug-in car is becoming less and less carbon intensive as the U.S. transitions to more renewable energy sources.

From a mechanical perspective, electric vehicles often accelerate faster than the average ICE vehicle. In a gas vehicle, a decent amount of power may be lost through the drivetrain and other mechanical components.

Federal and state governments are offering a variety of rebates and incentives to drive the transition to more electric vehicles. Currently, the federal government offers a $7,500 rebate off the cost of a fully-electric car, and plug-in hybrids are eligible for a portion of that rebate, depending on the electric driving range. This rebate is available for the first 200,000 qualified EVs sold by each manufacturer, and then winds down over time. There may be additional rebates and discounts offered by your state, municipality, or local electricity provider. Discover the saves you may be eligible for using this incentive look-up tool.

Electric vehicles and hybrids sometimes get privileged parking spots and free charging stations. If you live somewhere like California, they’ll allow you to travel in the high-occupancy vehicle (HOV) lane with just one person.

Despite the many pros of owning an electric or hybrid vehicle, there are still some cons worth considering before making the switch.

A common apprehension among EV and PHEV drivers is the cost to replace the critical EV battery if it stops working. The average cost for an EV battery replacement is about $5,500. The good news is many EV manufacturers provide a warranty on the battery for at least 8 years or 100,000 miles. Companies that make EV batteries are improving their battery-making process (and therefore, decreasing their price), but it’s still something to keep in mind if you’re worried about potential future costs.

Neighborhood auto shops aren’t as experienced dealing with electric vehicles as they are with ICE vehicles and may not have the equipment needed for a repair.  However, EV manufacturers and dealers typically offer service by technicians who are intimately familiar with that particular EV model. Talk to your dealer about what service you can expect with the model you’re interested in purchasing.

According to a report by Carbon Brief, the initial environmental footprint to make EVs and PHEVs is greater than that of an ICE vehicle. This is due to the lithium mining that needs to occur for battery production. As EVs become more popular, more lithium mining will occur and create a larger environmental impact. Electric car companies are working hard to improve production efficiency to meet this demand.

If you’re thinking about making the switch to an EV, here’s a quick checklist of factors to consider when making your decision:

More and more people are making the switch from gas-powered cars to electric or hybrid models. Advanced technology, increased affordability, lower maintenance and environmental sustainability have helped electric vehicles become an enticing option. PHEV and hybrid vehicles help bridge the gap for those who aren’t ready to fully take the leap yet. Overall, it’s an exciting time to be a car buyer! 

This article is for educational purposes only and provides general auto information.  The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service.  Outlooks and past performance are not guarantees of future results. Chase is not responsible for, and does not provide or endorse third party products, services or other content. For specific advice about your circumstances, you may wish to consult a qualified professional.

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