EV, Plug-In, or Hybrid: Which Should You Buy in 2024?!

We are car shopping and are considering Electric Vehicles, Plug-In Hybrids, and straight up Hybrids. I wanted to know the smartest choice to make financially over the course of, say, 10+ years... and as it turns out, there's more to consider then the initial fuel savings (which are significant!).

Each of the car technologies has pros and cons over each other The hybrids (like Toyota has really invested in) has proven to be incredibly reliable and hold their value very well... but the newer flashier EV's (Tesla) offer incredibly fuel savings over those Hybrids, but completely fall off the map when it comes to resale. Does that higher sticker price and terrible resale make it worth it in the long run?

And what about the Plug-In's? Are they the sweet spot offering a bit of both technologies OR do they represent the worst of both worlds.

In this video I'm going to share what I've learned to help you figure out what the smartest choice is for you or your family so that if you DO decide to purchase a new vehicle this year, you are truly happy with your choice.

Let the battle of the HEV, PHEV, and straight up EV begin!

0:00 EV vs. HEV vs. PHEV
2:18 Hybrids
3:18 Plug-in Hybrids
5:51 EVs
8:52 Fuel costs over 10 years
14:38 What is the smartest choice?
16:16 Final thoughts

[TheSAHDLife]

When I was talking about the resale value of cars bought today in 10 years from now, there are 2 points you in the comments have pointed out... #1 - my estimate for the Prius (despite having the new design) WAS too high and it's probably more like 15k as opposed to 25k. And #2 ICE cars might not have as great resale in 10 years either since they will likely be less in demand. Who knows! I will also add I just checked in with my friend who has a 2018 Tesla and he says while the build quality isn't great compared to his 2018 Toyota 4Runner (doors closing tight, rattling while driving etc) he has said that the Tesla still runs great in 2024 with 100K+ mileage on it. That's reassuring.

[malaymaji]

Funny things is, they talk about oil changes as being an annoying things, but don't consider about hour long charging time as annoying when you are planning for a long trip

[joeramos]

I chose having fun vs saving money simply because life is too short. I won't be able to bring the money saved to the other side. It's ok to die broke with a smile on my face in my last moments of my life. Awesome analysis of the subject ! Good job man !

[TomLawlor-iqgm]

We finally got our new 2024 Prime in March. Our third Prius. Very pleased with the first two (non Prime), and each averaged 4.4 L per 100Km year round. When we made the deal for the 2024, the dealer offered $10, 000 for our 12 year old Model C, half of what we paid new. I don't think that in 12 years a dealer (or anyone else), will consider paying 1/2 the original cost of a Tesla considering the price to replace the Traction battery.

The new Prime ? We have driven it 3, 600+Km so far and bought just $45.00 (a half tank), only because we had to take a road trip. And, oh, it cost more than $20, 000 less than the cheapest Tesla. I like these numbers.

[cameroncal]

Used model 3 long range is what I bought, this is the best value right now. For like 35 you can get a great car with 6 years warranty still

[balakrish]

Great video brother. Like the way you put facts.
My point on 10yr from now is, lot can be changed as solid state battery tech others can enable the batteries to be damn cheap. The 20k full EV swap can be 5k... how know. 😊

[richryan]

All very clearly, entertainingly presented and compared. Thank you!

[mcteags]

Another option to consider for your American audience is leasing an EV. They have some pretty crazy lease deals in the US right now. There are multiple models you can lease for around the same monthly/annual rate you calculated for your other options So you can lease for 3 years, have fun driving and make your choice 3 years later when there will hopefully be better tech and less expensive EVs available.

[tomasbahamonde]

One of the best videos I've seen. Very comprehensive explanation. Thank you! Couple of follow up questions:
- How's the behaviour with cold weather?
- Prime not having AWD is not ideal, what's your thoughts?
- What do you think about Niro Plug in?

Thank you!

[ewitte]

Best I can get for my 2014 gas car that was $24k is around $3500 that isn't far off from "nothing".

[JonLake]

Dont be logical. Life is short, have fun while you can !!!
In 10years you wont thing about the 10k you lost but all the fun you had along the way !
Plus, tesla model 3 is the most safe car ever

[teresalesnick]

Thank you! I have been considering a phev for awhile now and you made it so easy to compare the annual costs, incentives and 10 year costs to consider the overall value. I'm a geek and loved the numbers! I will let you know what I decide. I had not considered a Toyota before and plan to test drive one now. Due to the consideration of the longevity future resale value/ Currently, I prefer luxury styles vs truck style so we will see how this compares to the others in this class.

[rpfake]

I live in Bavaria, Germany and there are charging stations everywhere. I think the only people who are afraid of stranding on a trip are people who never drove a electric car.

Yes if you drive on the Autobahn during holiday season where everyone goes crazy you might have to wait for a charger or you drive a few km extra off the Autobahn to a smaller city, charge in 15min with a fast charger and then drive back to the Autobahn.

Yes some chargers don't work all the time and I can understand that it is annoying, last weekend I made a longer trip with my BMW i3 94, which has a very small battery for todays standard, I had to charge it in public and the first charging station wasn't working, so I drove 5min to the next one and used a 50kwh CSS charger and was back on the street 15min later. Yes filling a fuel tank would have been faster, but these longer trips are an exception for me, so it wasn't that much of a deal anyway. For 95% of my trips I don't have to charge at public and soon it will be even better, because Im going to buy the new Renault R5 which has almost double the battery capacity.

[johngonon]

One aspect that is often overlooked for PHEV, is that if you use it in EV mode all the time, your engine and fuel are going to go bad and you'll have premature damage to those. It's difficult to find a place where PHEV would be the best choice.
If you do a lot of long trips, a HEV is probably your best choice if you can't live with an extra 20 minutes of charging time (also electricity on fast chargers is not cheap). PHEVs will have bigger consumption because of the extra-weight and you wouldn't get as much benefit of a bigger battery.

If you do very few long trips in a year, an EV is a good choice as you won't have those 20 minutes extra a lot of times in the year. A PHEV would probably suffer premature degradation of engine and battery (since the battery is smaller, you do more cycles, even-though it should still last quite long and will be replaced for cheaper).

On paper, PHEV is a great idea and I was planning to buy the Prius PHEV. But I ended up with an EV instead after doing all my research because I would be using it in EV mode for 6 months straight so very bad for the ICE. And the EV is so much more fun to drive. Regarding tires, it depends on how you drive. I get the same millage between my EV and my ICE on a set of tires.

[JWAR]

I personally dont care about getting new cars every so often, i want something that isn’t going to break down constantly and require a lot of maintenance, i dont care if my car is 10 years old or older, as long as it gets me where im going and looks pretty im good with an EV

[ederlikessoccer]

Everyone talks about how annoying oil changes are. Most people change their oil once a year and maybe two. But on you do spend more time charging your vehicle even if it takes less than 20 minutes to charge each time.

[Dihorse]

This clip is more relevant for US and Canada because EV and PHEV prices are kept artificially high in these two places.

[Kepiwhoo]

A few more things I left unmentioned, safety, ❤teslas are in far less accidents much safer if you do have one. Sentry mode, dog mode, never have a brake job, unless you play too hard. Hybrids are practical but the future is electric. Finally excellent well thought out post.

[twilightsass]

I bought a used five year old Chevy volt five years ago. Every penny I've spent on maintenance and repair on this car (which has been a lot) was because of the ICE motor. My fuel costs have gone from about one hundred fifty U.S. in gas to about thirty U.S. in electricity. I am saving every dime I can to be able to afford a good fully electric car. If the pricing for electric cars was equivalent to I.C.E. I would be satisfied fully electric car owner right now.

[maaike]

Biggest complaint on ALL three types is the high cost of purchase! I spent $42k on an SE RAV4 Prime in 2021. At the time the MOST expensive car I’d ever owned. Traded it in April 2023 for $42k (yes that’s right) and purchased a $47k Pacifica PHEV. I was happy with the resale value of the Toyota. I’m NOT happy with the value of the pacifica. My KBB is now around $28k with 22k miles. I know, many will say well no shit, it’s a Chrysler, what did you expect?! But, that much of a loss in 15 months is pathetic to me. I may be dating myself, but to me $45k is still A LOT of money for a depreciating asset. These days however, $45k seems to be entry level. Same with houses. Everything is inflated and overpriced. For millions of people the cost of any of these; HEV, PHEV, or full BEV is simply too high. What we need are fuel efficient AND affordable cars (all three types) that start at $20k!! I guess I should keep dreaming though because that isn’t going to happen I guess. The Chinese seem to have figured it out with their BYD cars though..