EVs more expensive to fuel than gas-powered cars: report

High-end EVs were still found to be substantially cheaper to fuel than their gas-powered counterparts, though the gap in pricing between the two closed slightly.

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According to the report, the falling price of gas and rising cost of electricity helped make mid-priced internal combustion engine (ICE) vehicles more economical for consumers for the first time in eighteen months.

The cost to fuel mid-priced ICE vehicles dropped by more than $2 per 100 miles to $11.29. This turned out to be $0.31 cheaper than similarly priced EVs charged at home, and over $3 less than those charged commercially.

"The run-up in gas prices made EVs look like a bargain during much of 2021 and 2022," AEG's Patrick Anderson said. "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."

In their analysis, AEG took into consideration energy costs, road taxes, cost of deadhead miles, and cost of chargers. "All use cases," they explained, "reflect 12,000 miles/year, with the cost of residential charging equipment amortized over five years."

They do not, however, mention whether the equipment included Level 1 or Level 2 chargers. According to EvoCharge, the former are included with most EVs, however, they are not very powerful. The latter, on the other hand, are essentially "like having your own gas pump in your garage."

AEG admitted that while the gap between luxury ICE and EV vehicles narrowed, "drivers of high-end electric vehicles still enjoyed a significant fueling cost advantage." The analysis showed that it was $7.56 cheaper, assuming mostly at-home charging, per 100 miles to drive a luxury EV compared with $11.20 the previous quarter. Using commercial chargers though, the difference was just $4.01.