Electric Vehicles More Expensive to Fuel than Gas-Powered Cars at End of 2022: Consulting Firm; It’s Now Cheaper to Drive 100 Miles in a Gas-Powered Car Than in an EV

Electric vehicles more expensive to fuel than gas-powered cars at end of 2022: consulting firm:

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 came down at the end of last years, the fuel cost for most Internal Combustion Engine (ICE) vehicles was comparatively cheaper in the final quarter of 2022 than charging an electric vehicle (EV), analysts with the Anderson Economic Group (AEG) said.

The cost to drive 100 miles in a gas-powered car dropped by more than $2 in October, November and December 2022. And with electricity prices rising last year, mid-priced ICE cars became 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 fees, added costs to operate pump or EV charger and the cost to drive to a fueling station. The costs were calculated for vehicles driving 12,000 miles per year. —>READ MORE HERE

It’s Now Cheaper to Drive 100 Miles in a Gas-Powered Car Than in an EV:

The Biden administration is always telling us that the best thing we can do is buy an electric vehicle. In fact, various members of the administration treat it almost flippantly — it’s a no-brainer that you should buy an expensive electric car or two. Doing so will rescue the planet from certain environmental collapse and will save you loads of money, even though the average cost of an electric vehicle was $66,000 as of August of last year.

Plenty of people are falling for it, and it’s easy to see why. The siren song of the tax credit is hard to ignore, and the idea of not having to contend with rising prices at the gas pump is attractive. But is it all true?

To quote Kissy Suzuki in You Only Live Twice, “Think again, please.” It just so happens that, for now, it’s actually cheaper to drive 100 miles in a gas-powered vehicle, also known as an internal combustion engine (ICE), than in an electric vehicle.

Ryan Erik King at Jalopnik reports that “a recent report from the Anderson Economic Group (AEG) found that fueling costs from mid-priced ICE-powered vehicles are lower than similarly priced electric vehicles. Combustion drivers pay about $11.29 per 100 miles on the road. EV drivers who charge up at home spend about $11.60 per 100 miles.”

It gets even more delicious when you take into account those commercial chargers that pop up in a lot of places. —>READ MORE HERE

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