 TITLE: Do Hybrid and Electric Cars Really Save You Money? CONTENT: What Are the Differences in Cost of Ownership?\n----------------------------------------------\nAs seasoned car owners know, the cost of owning a vehicle goes far beyond the monthly payment to your auto lender. You'll also need to consider fuel prices, electricity costs, repair and maintenance, insurance and more.\n*   **Electricity vs. fuel**: The University of Michigan Transportation Research Institute found that electric vehicles cost $485 per year to drive, compared with $1,117 for gas-powered vehicles. Just keep in mind that some areas may not have as many electric vehicle charging stations as others, so access should be a major consideration.\n*   **Repairs and maintenance**: Because electric and plug-in hybrid vehicles have fewer moving parts than completely fuel-powered cars, you can expect to spend about half as much on maintenance, according to a study by Consumer Reports—that's an average of $4,600 in savings over the life of the vehicle.\n*   **Insurance**: While an electric or hybrid vehicle can save you money in several ways, you can expect to pay more to insure one. According to a study by Self Financial, for instance, you'll pay $442 more per year to insure an electric vehicle compared with a gas-powered vehicle.\nKeep in mind that where you live has an impact on how much it'll cost to own an electric or hybrid model. Gas prices, insurance criteria and other factors that vary by location can all affect how much you have to pay for your new car.\nAccess to electric vehicle charging stations is another important factor to keep in mind. If you live in an area with several locations, you won't have to worry about going out of your way to charge your car's battery or running out on the road. But in some areas, and depending on how much you drive, you may need to spend more time and effort keeping your battery going.\nAccounting for all the ongoing costs of vehicle ownership is important: \"You know, insurance, registration, gas prices or potential charging costs,\" says Melinda Zabritski, Experian's senior director of automotive financial solutions. \"If it's an electric vehicle, do you have to have anything installed at your home for the charging?\" END