Hybrid And Electric Vehicles Might Be A Great Buy In 2022

As of March 2022, the US auto market seems to be holding to gas powered vehicles, but those numbers are changing. According to a recent article by Forbes its predicted that by 2030, 50%-65% of new vehicles will be battery electric vehicles so keeping resale in mind, a hybrid or electric is not a bad investment.

With gas prices the way they are and a chip shortage, the market is favoring automakers profits. But buying a hybrid or electric seems like a great idea! Dealers and parts suppliers have already indicated they are investing in and ramping up inventory and services geared towards hybrids and electrics in anticipation for higher demand in the coming years.

What types of hybrid or electric vehicles are available?

There are 3 types of vehicles you should know about: Hybrid Electric Vehicles (HEVs), Plug-In Electric Vehicles (PHEVs) and All-Electric Vehicles (EVs).

1. Hybrid (HEV) is powered by an internal combustion engine (Gas driven) and an electric motor and most often uses regenerative breaking to charge the internal battery. The car is then driven using a combination of electric motor and internal Combustion engine. The 2 engines alternate based on how the car is driven. The original Prius was the first widespread model in the US back in the early 2000’s.

2. Plug-In Hybrid Electric Vehicle (PHEV) is like the Hybrid in that it uses both an Internal Combustion Engine and electric motor but has the added feature of using a larger battery that can be charged by plugging in. So essentially you get a gas-powered vehicle or an electric powered one. Via a driver setting you can drive in only electric mode or hybrid mode.

3. All-Electric Vehicle (EV) is just what it sounds like. There is no internal Combustion engine, and your only option is the charge via plugging in. These are the most efficient and environmentally friendly options. It’s also a great option if you live in the city or around a lot of plug-in stations or have one installed in your home.

keep in mind, as of March 2022 the current battery technology available and the type of EV you buy makes a difference, you may be limited to between 150-400 miles on a full charge. That can affect long distance driving and you just need to plan accordingly. If you live in EV friendly California, you have a lot of freedom to roam as you please.

The 2022 Nissan LEAF S for example has a range of 149 whereas the 2022 Tesla Model S will take you 396 miles on a full charge. There’s a lot more options than that but that’s 2 ends of the EV spectrum.

The added benefits of buying a new PHEV or EV is that there are federal tax credits available up to $7,500 so could be worth your while. Check out the links below to see if the vehicle you want is tax deductible.

Links and resources for EV and PHEV buyers and owners

There are 3 types of incentives and credits, federal, statewide, and local.

• Federal tax rebate.

  fueleconomy.gov includes a searchable database of current eligible vehicles.

  • All federal Laws and Incentives

  • Federal tax credit up to $7,500(with searchable database)

  • IRS form 8936

• California and local PHEV and EV resources.

  driveclean.ca.gov includes information on EV and PHEV vehicle charging stations, tax credits (both statewide and local)

  • California $750 reward for new lease or purchase

  • Driveclean.ca.gov Incentive search (local and state wide database by zip code)

  • Vehicle charging station locater web app by PlugShare

  • Learn about types of charging available

Article Photo by Michael Fousert on Unsplash