Gas prices have reached record highs in certain areas, causing many drivers to reconsider their vehicle choices. While electric vehicles (EVs) have been promoted as a more cost-effective option, recent data from iSeeCars reveals that vehicles with internal combustion engines (ICE) still offer a cheaper driving experience compared to EVs. The study examined the number and cost of miles driven by different fuel types between November 2022 and April 2023. Surprisingly, EVs were found to be driven the least and were the most expensive to drive per 1,000 miles.
Analyzing the data further, iSeeCars discovered that the 15 most expensive vehicles to operate on a per-mile basis were all plug-in models. Topping the list was the Porsche Taycan, with a cost of $22.02 per mile ($22,021 per 1,000 miles). Other pricey options included the Porsche Cayenne PHEV, Tesla Model S, Audi e-tron Sportback, and Audi e-tron. The average cost per mile for these plug-in models was significantly higher compared to gas-powered cars.
Delving deeper into the statistics, it becomes evident that higher purchase prices contribute to the elevated cost per mile for plug-in vehicles. Furthermore, luxury models, which often come with heftier price tags, tend to be driven less frequently. This combination drives up their average cost per mile even more. This is highlighted by the Porsche Taycan and the Cayenne PHEV, both boasting six-figure average prices of $138,914 and $111,985 respectively.
Interestingly, hybrids present a more affordable option for drivers seeking economical vehicles. In fact, hybrids dominate the list of the 15 cheapest vehicles to operate per mile. The Honda Insight claimed the top spot with an impressively low cost of just $1.46 per mile. Following closely behind are the Hyundai Ioniq Hybrid at $1.81 and the Toyota Corolla Hybrid at $1.86 per mile. iSeeCars’ executive analyst, Karl Brauer, noted that hybrids are gaining popularity among buyers due to the narrowing cost gap between these vehicles and traditional gasoline models.
As the automotive industry continues to evolve, it is clear that analyzing the cost of driving extends beyond fuel prices alone. The initial purchase price, depreciation, maintenance, and other factors contribute significantly to the overall expenses of owning and operating a vehicle. While EVs have their advantages, factors such as higher purchase prices and limited distances per charge can impact their cost-effectiveness. Therefore, drivers should carefully consider their driving patterns and needs when deciding between gasoline-powered vehicles, hybrids, and EVs.
In conclusion, while gas prices are soaring, it is still more affordable to drive vehicles with internal combustion engines compared to electric vehicles. Recent research by iSeeCars highlights the higher cost per mile associated with plug-in models, particularly luxury options like the Porsche Taycan and Cayenne PHEV. On the other hand, hybrids offer a more economical driving experience, with vehicles like the Honda Insight standing out as exceptionally cost-effective choices. As the market evolves, prospective car buyers can benefit from considering not just fuel efficiency but also the overall ownership costs associated with different types of vehicles.