Photo: EPA
These days, you can have studies to prove any theory, however contradictory or inflammatory it might be. After a recent study showed that EV owners in the U.S. spend less on charging than ICE drivers on fuel, another study shows the opposite is true, at least in the mid-price segment.
In the long-fought EV vs. ICE war, which one is better depends heavily on economic conditions, people’s beliefs and preferences, but also use-case scenarios. Despite electric vehicles entering the mainstream in the past year, the war is still not over, and a clear victor is not in sight. In the winter, weather conditions play their part, as the cold makes EVs less efficient and sometimes could cut the range in half. This increases consumption and further affects the economics of owning an EV.
To be fair, thanks to the gasoline prices going haywire in the first half of 2022, owning an electric vehicle was preferable. Fueling an ICE vehicle was painful at $6 per gallon or more. And although electricity prices also increased last year, charging your EV at home was markedly less expensive than filling up a tank with gas. It was a different matter for those that could not charge at home, as DC fast charging rates were also off the charts.
According to AAA’s website, gasoline prices dropped toward the end of 2022 and are now at a $3.51/gallon national average. At this level, the economics of owning an EV is again questioned, although not everybody agrees. A recent study by the Anderson Economic Group showed that driving 100 miles in a mid-priced ICE costs less than doing the same in a similar electric vehicle, whether you charge it at home or a public charger. The results started a heated debate on the internet about the study’s accuracy and purpose.
According to the study, mid-price ICE drivers pay about $11.29 for 100 miles (161 km) of driving. This is 31 cents less than mid-priced EV drivers pay when charging at home. The situation becomes even more unbalanced when charging at public stations, with costs skyrocketing to $14.40 per 100 miles. A similar analysis wasn’t possible for entry-priced vehicles and pickup trucks because there are insufficient EVs in these segments. Nevertheless, in the case of luxury cars, even public fast charging is way cheaper (at $15,95) than filling up the tank ($19.96) for the same amount of miles traveled.
“The run-up in gas prices made EVs look like a bargain during much of 2021 and 2022,” says AEG’s Patrick Anderson. “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.”
The Anderson Economic Group study took into account the cost of gas and electricity, road taxes, operating costs for gas pumps and chargers, and even the cost of driving to a fuel station/charging station (deadhead miles). Nevertheless, another study recently showed that American EV drivers enjoy a lower cost per mile than owners of gas- or diesel-powered vehicles in winter. While this study did not break the results based on the car’s segment, the difference between ICE and EVs is staggering. Despite lower efficiency and high electricity prices, EV drivers in the United States can save up to $194 every winter month.
To be fair, thanks to the gasoline prices going haywire in the first half of 2022, owning an electric vehicle was preferable. Fueling an ICE vehicle was painful at $6 per gallon or more. And although electricity prices also increased last year, charging your EV at home was markedly less expensive than filling up a tank with gas. It was a different matter for those that could not charge at home, as DC fast charging rates were also off the charts.
According to AAA’s website, gasoline prices dropped toward the end of 2022 and are now at a $3.51/gallon national average. At this level, the economics of owning an EV is again questioned, although not everybody agrees. A recent study by the Anderson Economic Group showed that driving 100 miles in a mid-priced ICE costs less than doing the same in a similar electric vehicle, whether you charge it at home or a public charger. The results started a heated debate on the internet about the study’s accuracy and purpose.
According to the study, mid-price ICE drivers pay about $11.29 for 100 miles (161 km) of driving. This is 31 cents less than mid-priced EV drivers pay when charging at home. The situation becomes even more unbalanced when charging at public stations, with costs skyrocketing to $14.40 per 100 miles. A similar analysis wasn’t possible for entry-priced vehicles and pickup trucks because there are insufficient EVs in these segments. Nevertheless, in the case of luxury cars, even public fast charging is way cheaper (at $15,95) than filling up the tank ($19.96) for the same amount of miles traveled.
“The run-up in gas prices made EVs look like a bargain during much of 2021 and 2022,” says AEG’s Patrick Anderson. “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.”
The Anderson Economic Group study took into account the cost of gas and electricity, road taxes, operating costs for gas pumps and chargers, and even the cost of driving to a fuel station/charging station (deadhead miles). Nevertheless, another study recently showed that American EV drivers enjoy a lower cost per mile than owners of gas- or diesel-powered vehicles in winter. While this study did not break the results based on the car’s segment, the difference between ICE and EVs is staggering. Despite lower efficiency and high electricity prices, EV drivers in the United States can save up to $194 every winter month.
Google News