EV Charging Prices Rise Above ICE Fueling Costs For First Time In 18 Months

A new analysis by Anderson Economic Group (AEG) has found that fueling up your mid-priced ICE vehicle was more affordable than recharging an electric car of comparable value, again shining the light on the current reality of running costs for EVs.

Thestudy focused on Q4 2022and was based on the cost of driving 100 miles. Withrecently declining gas prices, this amount worked out to $11.29 for owners of mid-priced ICE vehicles, about $0.31 less than what it costs to charge an EV of similar value if charging mainly was done at home. If charging commercially, the costs of recharging the ICE vehicle are over $3 less.

While EVs are generally perceived as being cheaper to run, this new study underlines that your transportation-energy costs are still dramatically influenced by what vehicle segment you shop in andeven where in the USA you live.

Because electricity costs have also been rising, this is the first time that mid-priced ICE cars were more economical to fuel than comparable EVs in 18 months. Although AEG doesn't provide a price range for mid-priced vehicles, we can safely assume that the group includes the likes of the Kia EV6, which starts at $48,700 - that's much more than a Chevrolet Bolt but not quite into luxury territory.

The study results look different for owners of luxury, high-end EVs like thePorsche Taycan. In this segment, the cost benefit for charging relative to filling up with gas is $7.56 in favor of EVs, assuming that charging mostly takes place at home. With primarily commercial charging, luxury EVs are still cheaper to fuel than comparable luxury ICE cars.

Because EVs remain rare in the entry-level and pickup segments, there was insufficient data to evaluate comparable running costs. This scenario will change as the Rivian R1T and Ford F-150 Lightning are joined by more competitors.

Accessibility to sub-$30,000 EVs like theChevrolet Boltalso remains disappointingly low.