On the Fence About an Electric Car? Here's an Option Worth Looking At

Electric vehicles have become increasingly popular given the cost of gas. But these vehicles also have their drawbacks.

For one thing, you have to make sure your car is nice and charged before you head out somewhere, because you're not guaranteed to find a charging station at or near your destination. And also, if you're taking a longer trip, an electric vehicle might end up being a pain.

It's one thing to stop on a 10-hour road trip and spend a few minutes here and there putting gas in your car. It's another to have to sit for 30 minutes at a charging station each time your battery runs low.

If you're not sure an electric car is right for you but you like the idea of not having to fill up your gas tank all the time, there's an option you can explore that may be a nice compromise.

Consider a plug-in hybrid

With a plug-in hybrid, your vehicle's main source of power is its electric battery. However, the car also has a gas-powered engine so that if the vehicle's electric battery runs out of charge, the car can run on gas.

The downside of a plug-in hybrid car is that you'll generally only be able to drive short distances on an electric charge alone. But that might work out well for you if you tend to do a lot of local driving.

Also, remember that even if your car runs out of charge, unlike a full electric vehicle, a plug-in hybrid has a gas engine, so you won't be stranded. And you may not have to fill your tank nearly as much as you would with a regular car.

What are the costs of a plug-in hybrid?

Just as full electric vehicles range in cost, so too do plug-in hybrids. The Audi Q5 55 TFSI e, for example, has a base price of $58,595 and has an estimated driving range of 23 miles. The Toyota RAV4 Prime has a base price of $43,675 and an estimated driving range of 42 miles.

If you're interested in a plug-in hybrid, you'll need to shop around for different options and see how they fit into your budget. You'll also need to account for other costs and savings.

For example, you might think you can only afford a vehicle that comes with a monthly $500 car payment, and a plug-in hybrid might leave you paying $600. But if you're saving $100 a month on gas (not to mention saving time on all those trips to the pump), then you might be able to swing that higher payment.

As far as auto insurance goes, you might pay more for a plug-in hybrid by virtue of it being a more expensive car to purchase. But shopping around could leave you with a pretty competitive rate.

Is a plug-in hybrid right for you?

If you're not quite ready to own an electric vehicle, then a plug-in hybrid may be a good choice. Just keep in mind that as is the case with many vehicles these days, you may have to wait a while for your plug-in hybrid of choice to become available. But if you can afford to sit tight, you may find that a plug-in hybrid is a great solution for you.