Recent data from iSeeCars reveals that automakers are shifting their focus away from electric vehicles (EVs) and towards hybrids and plug-in hybrid electric vehicles (PHEVs). This change in strategy seems to benefit buyers in multiple ways. While EVs offer savings on gas expenses, they come with higher upfront costs and are driven less frequently, resulting in a higher cost per mile compared to other fuel types.
According to the study, hybrids prove to be much cheaper to drive, dominating the list of the most cost-effective cars per mile. The Honda Insight takes the top spot, costing only $1.46 per mile or $1,463 per 1,000 miles. Other models on the list include the Hyundai Ioniq Hybrid, Toyota Corolla Hybrid, Toyota Prius, Hyundai Elantra Hybrid, Chrysler Pacifica Plug-In Hybrid, Ford Escape Hybrid, Toyota Camry Hybrid, Hyundai Sonata Hybrid, and Honda Accord Hybrid.
One key reason for the affordability of hybrids is their decreasing prices, which are becoming more comparable to those of traditional gasoline models. This, combined with lower fuel costs for city driving, makes hybrids an attractive option for buyers who drive long distances and want to lower their average cost per mile. The study also found that only one PHEV made it into the top 10 list, with two more in the top 15.
In contrast, EVs have higher purchase prices compared to other fuel types. Additionally, high-end EV models tend to be driven less frequently, resulting in higher per-mile costs. Notably, the Porsche Taycan tops the list as the most expensive vehicle to drive at a whopping $22.02 per mile. The Porsche Cayenne PHEV comes in second place, with an average cost of $14.68 per mile. The study attributes these high costs to the extreme average purchase prices of these cars, all of which exceed $48,000. The BMW i3, on the other hand, is the most affordable EV option, while the Taycan remains the most expensive, averaging around $140,000.
These findings suggest that while EVs offer long-term savings on fuel expenses, their upfront costs and decreased usage contribute to higher per-mile costs. On the other hand, hybrids provide a more budget-friendly driving experience, with falling prices and lower fuel consumption in urban areas making them an attractive option for cost-conscious buyers. With automakers favoring hybrids and PHEVs, it’s clear that they have recognized the value and benefits these vehicles offer to consumers.
