Michigan-based think tank has claimed that it now costs less to drive an internal combustion vehicle 100 miles than to charge up a comparably all-electric vehicle using home charging. Though this claim comes with a few caveats, starting with acknowledging that this only applies to “midpriced” vehicles based on the national average for fuel and electricity rates.
“The run-up in gas prices made EVs look like a bargain during much of 2021 and 2022,” the Anderson Economic Group’s Patrick Anderson told Automotive News in a recent interview. “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.”
From Automotive News:
An analysis of late-2022 fueling costs by the Anderson Economic Group (AEG) says midpriced ICE drivers are paying about $11.29 for 100 miles of driving, an average of 31 cents less than midpriced EV drivers who charge at home.
The switch is the result of fuel costs dropping by over $2 and falling below upward trending home-charging costs, AEG explained.
Prior to that, it was reportedly cheaper to charge an EV than fuel a comparable internal combustion vehicle. But this would also mean that any claims about electric cars being cheaper to run when national gasoline prices were averaging less than $3.00 per gallon (e.g. 2015-2020) are now doubly suspect.
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