Electric cars more expensive to fuel than gas-powered cars by the end of 2022: consultancy
FOX Business Correspondent Jeff Flock reports on New York City’s shortage of electric car chargers amid the state’s decision to ban gas-powered cars by 2035.
For the first time in more than a year, owners of traditional gas-powered cars saved more money at the pump than those who drove their electric counterparts, according to a consulting firm.
As inflated gas prices fell at the end of recent years, the cost of fuel for most internal combustion engine (ICE) vehicles was relatively cheaper in the final quarter of 2022 than charging an electric vehicle (EV), Anderson Economic Group ( AEG ) analysts said .
The cost of driving 1[ads1]00 miles in a gas-powered car fell by more than $2 in October, November and December 2022. And with electricity prices rising last year, mid-priced cars became more economical than electric cars for the first time in 18 months, the firm said.
AEG’s cost analysis looked at the underlying costs of energy for gas, diesel and electricity, as well as tolls and fees, additional costs of operating a pump or electric car charger and the cost of driving to a petrol station. Costs were calculated for vehicles driven 12,000 miles per year.
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A Nissan Leaf electric car being charged, London. Photo date: Friday 5 March 2021. (John Walton/PA Images via Getty Images/Getty Images)
Tesla cars charge at a Supercharger station in Irvine, California, Friday, April 28. January 2022. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images/Getty Images)
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The analysis found that in Q4 2022, a typical mid-size gasoline car driver paid about $11.29 to fuel their vehicle for 100 miles of driving. That was about 31 cents cheaper than what a mid-range EV driver paid to charge their vehicle at home, and more than $3 less than what comparable EV drivers pay when they charge their vehicles at a gas station.
Unless you were driving an expensive, luxury electric vehicle, you were losing money charging your car versus paying for gas, experts said.
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A driver refuels a vehicle at a gas station on January 23, 2023 in Miami. (Joe Raedle/Getty Images/Getty Images)
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“The rise in gas prices made EVs look like a bargain for much of 2021 and 2022,” said Patrick Anderson of AEG. “With electric prices going up and gas prices falling, drivers of traditional ICE vehicles saved some money in the last quarter of 2022.”
