According to a consulting firm, for the first time in more than a year, owners of conventional gas-powered automobiles saved more money at the pump than those who drove electric vehicles.
According to analysts from the Anderson Economic Group (AEG), the cost of fuel for the majority of Internal Combustion Engine (ICE) vehicles in the final quarter of 2022 was comparatively less expensive than the cost of charging an electric vehicle (EV). This was due to the fact that high gas prices had dropped toward the end of the previous decade.
In October, November, and December of 2022, the cost of driving 100 miles in a gas-powered vehicle decreased by more than $2. According to the company, mid-priced ICE cars became more economical than EV cars for the first time in 18 months as a result of rising electricity costs last year.
The underlying costs of gas, diesel, and electricity, as well as road taxes and fees, the additional costs of operating a pump or EV charger, and the cost of driving to a fueling station, were the focus of AEG’s cost analysis. The costs were determined for vehicles that traveled 12,000 miles annually.
A typical mid-priced gas car driver paid approximately $11.29 in Q4 2022 to fuel their vehicle for 100 miles, according to the analysis. That was about 31 cents less than what a driver of a mid-priced electric car would pay to charge their car at home, and it was more than $3 less than what similar EV drivers would pay to charge their cars at a fuel station.
Experts stated that unless you were driving a pricey luxury electric vehicle, you were losing money by charging your vehicle rather than paying for gas.
According to AEG’s Patrick Anderson, “the run-up in gas prices made EVs look like a bargain for much of 2021 and 2022.” In the final quarter of 2022, traditional ICE vehicle drivers saved a little money due to rising gas prices and falling electric prices.