The upfront costs of plug-in hybrid electric vehicles (PHEVs) are generally higher than those of traditional hybrids (HEVs). This price difference is mainly due to PHEVs having larger battery packs, more powerful electric motors, and additional related components which add to the manufacturing cost.
For example, comparing specific models like the Kia lineup:
- The 2022 Kia Niro HEV (hybrid) has an MSRP of approximately $28,790 including freight.
- The 2022 Kia Niro PHEV (plug-in hybrid) is priced higher, around $34,390 including freight and after a $2,000 provincial rebate.
This suggests that PHEVs can cost around $5,000 to $6,000 more upfront than comparable HEVs due to their enhanced battery and electric capabilities.
In summary, PHEVs demand a higher initial purchase price compared to HEVs because of the more advanced and larger battery systems and electric drive components they incorporate. This upfront premium is a key financial consideration when choosing between these two types of hybrid vehicles.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-do-the-upfront-costs-of-phevs-compare-to-hevs/
