Are Gas Cars More Economical To Fuel Than Electric Cars?

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  • Diesel-powered trucks cost about $17.58 to fuel, while EV trucks charged mostly at home cost $17.72
  • Newly introduced electric pick-up trucks had fueling costs similar to traditional gas or diesel-fueled ICE pickups

The fueling costs for ICE vehicles and electric vehicles have marked major differences, says a report by Anderson Economic Group

Compared to entry-priced EV cars, gas-powered cars were the most economical fuel. In the luxury segment, primarily electric vehicles charged at home have proved more economical.

High-end EV drivers paid around $13.50 per 100 miles instead of the $17.56 it would have cost to fuel a comparable ICE car. However, luxury EV drivers charging mostly commercially paid slightly more than they would have in an ICE vehicle ($17.81).

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The report says that diesel-powered trucks cost about $17.58 to fuel, while EV trucks charged mostly at home cost $17.72.

According to experts, “With electricity prices trending and gas prices going down, most traditional gas-powered vehicles cost less than their EV counterparts in the first half of 2023. Drivers of luxury-priced electric vehicles still could save a little money compared to driving high-powered ICE vehicles, especially those needing premium gas.”

“One surprise was that newly introduced electric pick-up trucks had fueling costs similar to traditional gas or diesel-fueled ICE pickups, but only for drivers who could regularly charge at home or through their employer. For businesses and those driving their trucks, it is important to consider expected demands for travel to job sites, hauling, and extended road trips. These will likely require regular commercial charging that can be expensive and time-consuming.”

“These results underline the importance of considering real-world costs before making a buying decision. These include knowing how often you travel away from home, your ability to install and rely upon a home charger, the costs and availability of commercial charging, and any road taxes levied on EV drivers in your state.”

Until today, few electric cars and trucks are in the entry-priced segments. The report has compared in these new categories of vehicles. Ford F-150 Series, Toyota Tacoma, GMC Sierra, and other trucks with EV counterparts that, include the Ford F-150 Lightning and the Rivian R1T were compared during the research. The entry-priced segment includes the Nissan Versa and Honda Civic in the ICE category, and the Nissan Leaf and Chevy Bolt EVs (see chart above).

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Nitisha Dubey
Nitisha Dubey
Nitisha Dubey is a journalist at EFY. She focuses on startups and innovations with a deep interest in new technologies and business models.

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