For the first time in more than a year, owners of traditional gas-powered cars saved more money at the pump than those driving their electric counterparts, according to a consulting firm.
As inflated gas prices have come down late in the last few years, fuel costs for most internal combustion engine (ICE) vehicles were comparatively cheaper than charging an electric vehicle (EV) in the last quarter of 2022, analysts at Anderson Economic Group (AEG) said.
The cost of driving 100 miles in a gas-powered car fell by more than $2 in October, November and December 2022. And as electricity prices have risen over the past year, mid-range ICE cars have become more fuel-efficient than EV cars for the first time in 18 months, the firm said.
AEG’s cost analysis examined the underlying energy costs for gas, diesel and electricity, as well as road taxes and tolls, additional costs for running pumps or chargers for electric vehicles and the cost of driving to a filling station. The costs were calculated for vehicles driving 12,000 miles per year.
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The analysis found that a typical driver of a mid-range gasoline car paid approximately $11.29 to fill up their vehicle for 100 miles in Q4 2022. That was about 31 cents cheaper than what a mid-range EV driver paid to charge their vehicle at home, and more than $3 less than what comparable EV drivers pay to charge their vehicle at a gas station .
Unless you drive an expensive luxury electric vehicle, you’re losing money charging your car instead of paying for gas, experts said.
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“The rise in gasoline prices made EVs look like a bargain for much of 2021 and 2022,” said AEG’s Patrick Anderson. “With electricity prices rising and gasoline prices falling, drivers of traditional internal combustion engines saved a little money in the last quarter of 2022.”