The cost of driving an electric vehicle is soaring and it now costs more to drive the average electric vehicle 100 miles than it does to drive a gas-powered car the same distance.
A report from the Anderson Economic Group (AEG) shows that driving a gas-powered car 100 miles costs an average of $11.29, while charging up your electric car at home will set you back $11.60 per hundred miles. It’s even worse for those who charge up their cars using public recharging stations, as the average cost per hundred miles is substantially higher at $14.40. This begs the question - why bother with electric vehicles when they're becoming increasingly expensive?
From the AEG report:
East Lansing, MI–January 24, 2023: 2022’s final quarter finally brought relief at the pump for drivers of traditional Internal Combustion Engine (ICE) vehicles as the cost to drive 100 miles dropped by more than $2. With the cost for electricity also trending upward during the year, midpriced ICE cars became more economical to fuel than their Electric Vehicle (EV) counterparts for the first time in 18 months.
In Q4 2022, typical mid-priced ICE car drivers paid about $11.29 to fuel their vehicles for 100 miles of driving. That cost was around $0.31 cheaper than the amount paid by mid-priced EV drivers charging mostly at home, and over $3 less than the cost borne by comparable EV drivers charging commercially.
The Cost of Being ‘Green’
The government has been pushing hard to get people to adopt electric vehicles in an effort to reduce emissions, but most don't realize that most of the “clean” electricity used to charge these cars comes from burning fossil fuels. So despite what people think when they buy a new eco-car, they’re not actually saving the planet - just their wallets!
Electricity prices have been rising steadily over the past few years, especially in certain states such as California where power companies are struggling to keep up with demand and as a result must pass on additional costs to consumers. This means that if you live in a state where electricity prices are high, then driving an electric vehicle could end up costing you more than if you drove a gas-powered car. That's not exactly great news for eco-friendly drivers!
The Other Costs of Owning An Electric Car
Aside from increasing electricity prices, there are other hidden costs associated with owning an electric car that many people fail to consider when making their purchase decision. For starters, electric cars can be more expensive upfront compared to gas-powered alternatives due to higher manufacturing costs and battery technology. Then there's maintenance; since electric motors have fewer moving parts than traditional combustion engines, they require less regular maintenance but this doesn't mean there won't be any repair bills along the way! Finally, some public charging stations may also charge additional fees which can add up quickly depending on how much you use them.
TL;DR:
Electric vehicles are becoming increasingly expensive due to skyrocketing electricity prices and other hidden costs such as higher manufacturing costs and battery technology as well as additional fees charged by some public charging stations. As such, it may be worth considering whether buying an eco-car makes financial sense for your individual situation before taking the plunge! Ultimately though, it depends on whether or not you value environmental responsibility over affordability - only you can make that decision!
