I Asked ChatGPT If an EV or a Hybrid Saves More Money: Here's What It Said
Owning a gas-powered vehicle typically costs more money than its electric counterpart, but what about when you compare electric vehicles (EVs) to hybrids? EVs often promise lower fueling and maintenance costs, while hybrids have a more affordable purchase price.
To round up the info that's out there, I asked ChatGPT for a breakdown of which vehicle type was cheaper. The LLM said it's not as straightforward as you might think.
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Here's a price comparison between EVs and hybrids, according to ChatGPT.
Purchase Price
The biggest car expense is its initial purchase price. ChatGPT pointed out that hybrids are generally cheaper to buy. The difference in price is largely due to battery costs, which make up almost a third of the price of a new EV, according to the Stanford Report.
Data from Kelley Blue Book shows that the cheapest starting price for an EV is $28,995, while hybrids start at $23,100.
Fuel and Energy Costs
EVs offer much lower fuel costs compared with hybrids, ChatGPT said. A hybrid combines a gas engine with an electric motor and a small battery, while electric-only vehicles rely solely on a larger battery and an electric motor.
According to Consumer Reports, the annual energy cost for a hybrid is $420 less than that of a gas-only car, while EV owners pay about $896 less. Based on this data, EV owners pay roughly $476 less per year on drivetrain power compared with hybrid drivers.
Maintenance
ChatGPT said that EVs usually have lower maintenance costs due to fewer moving parts. EVs don't need oil changes, but they do need brake pad replacements, although not as often due to regenerative braking. The highest maintenance cost is the battery; however, many manufacturers provide a warranty for the first eight years or 100,000 miles, CarEdge reported.
On the other hand, hybrids still have internal combustion components, so you'll still need regular oil changes and part replacements on roughly the same maintenance schedule as gas-powered cars.
On a per-mile basis, EV maintenance and repairs are typically 40% lower than comparable gas vehicles, according to the National Resources Defense Council.
Total Cost of Ownership
ChatGPT cited data compiled by Business Insider on the cost to own certain vehicles in the first five years. According to the data, the cost of owning a Tesla Model Y, the bestselling EV in the U.S., had a five-year cost of $34,500, which included interest charges on the loan, insurance, maintenance, tax and fees and repairs. Including the purchase price, the total came to $91,000.
The total cost for a Toyota Rav4 hybrid was about $64,300 over five years, about the same as for the gas version. This also included the original purchase price of $35,000.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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