EVs vs Gas Cars: Cost per Mile and Average Prices
With the increasing popularity of electric vehicles (EVs), there has been a lot of discussion about their cost-effectiveness compared to traditional gas cars. While it is widely known that charging an EV is cheaper than fueling a gas car, a recent study by iSeeCars sheds light on some hidden costs that EV owners may not always consider.
The study, which analyzed the costs to operate different fuel types between November 2022 and April 2023, revealed that EV owners tend to drive much fewer miles than their gas-powered counterparts. This difference in mileage has a direct impact on the cost per mile of operating an EV, making it significantly higher than that of internal combustion vehicles.
According to the iSeeCars research, EV owners drove an average of 10,256 miles during the study period. Over 1,000 miles, the cost of operating an EV amounted to $5,108. In contrast, gas vehicle owners drove an average of 12,813 miles, with costs averaging $3,123 over the same distance. The study also provided cost per 1,000 miles figures for other fuel types, including hybrids ($3,056) and plug-in hybrids ($4,351).
One of the reasons behind the lower mileage of EVs might be concerns about range anxiety and the availability of charging infrastructure. This fear of running out of charge while on the road could contribute to EV owners driving fewer miles overall. However, it is important to note that the higher purchase price of EVs also plays a significant role in their lower mileage.
iSeeCars’ study found that the average price of EVs was $52,387, compared to $40,009 for gas vehicles. The higher upfront cost of EVs is spread over fewer miles driven, making them considerably more expensive to operate in terms of cost per mile. It is worth mentioning that this average price is likely influenced by higher-end EV models.
When examining the most expensive three-year-old models over 1,000 miles, the study found that the Porsche Taycan EV topped the list with an average purchase price of $138,914 when new. The Porsche Cayenne PHEV followed closely behind with an average price of $111,985, and the Tesla Model S ranked third at $96,394. These luxury EV models contribute to the higher average price of EVs as a whole.
Karl Brauer, the executive analyst at iSeeCars, highlighted the growing popularity of hybrids as automakers electrify their popular models. Hybrids not only offer better fuel economy, especially in urban environments, but they are also significantly cheaper to purchase compared to EVs. Brauer predicted that hybrids would become the dominant drivetrain in the industry in the coming years, surpassing gas models as more companies reconsider their EV-only strategies.
In conclusion, while charging an EV may be more cost-effective than fueling a gas car, the higher purchase price and lower mileage of EVs make them more expensive to operate in terms of cost per mile. The availability of charging infrastructure and concerns about range anxiety further contribute to the lower mileage of EVs. However, hybrids offer a viable alternative, providing better fuel economy and a more affordable option for consumers. As the automotive industry evolves, hybrids are expected to become the dominant choice, surpassing gas models and challenging the supremacy of EVs.
