Electric vehicles now cost more to fuel than gas-powered cars: Study
Heather Hamilton
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Drivers of gas-powered cars have grabbed the cost advantage back from electric vehicle owners thanks to a drop in prices at the pump, according to a new study.
Consulting firm Anderson Economic Group found that rising electricity costs and the dropping of gas prices in the final quarter of 2022 created comparatively greater savings for those who drove internal combustion engine vehicles.
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“Typical mid-priced ICE car drivers paid about $11.29 to fuel their vehicles for 100 miles of driving,” the study noted. “That cost was around $0.31 cheaper than the amount paid by mid-priced EV drivers charging mostly at home, and over $3 less than the cost borne by comparable EV drivers charging commercially.”
The AEG study said the shift in costs gave gas-powered drivers a leg up on savings for the first time in 18 months.
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“The run-up in gas prices made EVs look like a bargain during much of 2021 and 2022,” AEG founder Patrick Anderson said. “With electric prices going up and gas prices declining, drivers of traditional ICE vehicles saved a little bit of money in the last quarter of 2022.”