There are plenty of reasons to buy an electric vehicle, including lower emissions and reduced maintenance costs, but saving money on filling up may not be one of them. According to a study by Anderson Economic Group, driving an electric midpriced car at the end of 2022 was more expensive than driving a similar gas-powered vehicle.
Though gas prices have gone up since the end of 2022, last year's falling prices at the pump pushed the cost of driving a gas-powered car 100 miles lower by more than $2. Meanwhile, electric prices went up, and for the first time in 18 months, it was actually cheaper to drive some gas-powered cars than EVs. A midpriced gas-powered car cost $11.29 in fuel for 100 miles, while an EV cost 31 cents more when refueled at home and $3 more charged at a commercial station.
Wondering which EV drivers still saved money? Those with luxury EVs, though that advantage did drop in the fourth quarter. For luxury EV owners who charged their cars at home, the savings compared to filling up a gas-powered luxury car dropped to $7.56 for every 100 miles, from $11.20.
It isn't likely that these statistics will prompt electric vehicle drivers to get back behind the wheel of a gas guzzler (and the current cut in Tesla pricing may still encourage some car shoppers to switch to EVs), suggesting saving money on fuel may not be a driver for all drivers.