This release updates our analysis first published in Real World Cost of Fueling EVs and ICE Vehicles.
Cost to fuel a mid-priced EV up more than $2 over 2021 Q2 prices
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East Lansing, MI–August 1, 2022: The cost of fueling a traditional Internal Combustion Engine (ICE) vehicle grew by about $2 per 100 miles in the second quarter, driven by the high cost of gas. In the same period, the cost to fuel a comparable Electric Vehicle (EV) grew by less than $0.30.
This conclusion is the result of Anderson Economic Group’s Q2 2022 analysis of the real-world costs of operating both types of vehicles based upon prices in the second three months of 2022.
Q2 data show increases in both electricity and fuel prices, but gas and diesel were in record territory across the country. “Those extraordinary gas prices made electric vehicles much more competitive to fuel than they were in previous quarters,” said Patrick Anderson, AEG’s Principal and CEO.
Here are the key findings for major auto segments:
- Mid-priced cars–ICE vehicle drivers see a shrinking fueling cost advantage over EV drivers who use mostly commercial charging. That cost advantage has dipped by $1.25 since 2021. Mid-priced EVs charged mostly at home now cost about $2.36 less to fuel than their ICE counterparts–a dramatic increase from their $0.75 advantage in the first quarter. In contrast, mid-priced EVs cost $0.45 more in 2021.
- Luxury cars–Drivers of more expensive cars see a substantial EV cost advantage. Counting all four categories of costs, luxury ICE car drivers needed nearly $23 to fuel for 100 miles in Q2, while luxury EV drivers needed roughly $7-$12 (depending on charging type).
- Pickup trucks, entry-priced cars–In Q2 2022, there were still insufficient EVs to meaningfully evaluate these two segments. Notably, we continue to see no electric cars on the market with an entry-level purchase price.
Source: Anderson Economic Group Research (May 2022).
Note: Methodology described in Second Edition: Real World Cost of Fueling EVs and ICE Vehicles
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- The AEG Automotive Dashboard