For the first time in more than a year, owners of traditional gas-powered cars have saved more money at the pump than those who drive their electric counterparts, according to a consultancy firm.
While inflated gasoline prices have come down at the end of the last few years, the cost of fuel for most internal combustion engine (ICE) vehicles was comparatively cheaper in the last quarter of 2022 than recharging a electric vehicle (EV), according to analysts from the Anderson Economic Group ( AEG) said.
The cost to travel 100 miles in a gas-powered car dropped by more than $2 in October, November and December 2022. And with rising electricity prices last year, mid-priced ICE cars have become more economical than EV cars for the first time in 18 months, the firm said.
AEG’s cost analysis looked at the underlying cost of energy for gas, diesel and electricity, as well as road taxes and charges, additional pump or charger running costs EV and the cost of the trip to a gas station. Costs were calculated for vehicles traveling 12,000 miles per year.
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The analysis found that in the fourth quarter of 2022, a typical mid-priced gasoline car driver paid around $11.29 to fuel their vehicle for 100 miles of driving. That was about 31 cents cheaper than what an average-priced electric car driver paid to charge their vehicle at home, and more than $3 less than what comparable EV drivers pay when charging. their vehicle at a gas station.
Unless you’re driving an expensive luxury electric vehicle, you’re wasting money charging your car instead of paying for gas, experts said.
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“Soaring gas prices have made electric vehicles a good deal for much of 2021 and 2022,” said AEG’s Patrick Anderson. “With rising electricity prices and falling gasoline prices, drivers of traditional ICE vehicles saved quite a bit of money in the last quarter of 2022.”
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