In this paper, a multiyear hybrid planning method (HPM) based on cost-benefit analysis is proposed for implementation of smart charging strategies for plug-in electric vehicles (PEVs) in a distribution system. Two different strategies which consider an integrated grid-to-vehicle and vehicle-to-grid charging framework are utilized in this paper for smart charging of PEVs. The objective functions of the two strategies, namely minimization of total daily cost and minimization of peak-to-average ratio, represent an economic and a technical perspective, respectively. The proposed HPM is based on optimally allocating two different charging strategies at different nodes of the distribution system during the planning horizon. The network impacts and the related financial impacts of the proposed HPM are assessed against two conventional planning methods (CPMs) which are developed corresponding to the two charging strategies. In a CPM, a single charging strategy is implemented on all the nodes of the distribution system for the entire planning horizon. The simulation studies performed on small and medium sized distribution systems demonstrate the effectiveness, feasibility, and scalability of the proposed HPM.