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The cost to drive an internal combustion engine vehicle 100 miles in the U.S. fell below the cost to charge a comparable electric vehicle for the first time in 18 months, a new report from a Michigan think tank says.
An analysis of late-2022 fueling costs by the Anderson Economic Group says midpriced ICE drivers are paying about $11.29 for 100 miles of driving, an average of 31 cents less than midpriced EV drivers who charge at home.
The switch is the result of fuel costs dropping by over $2 and falling below upward trending home-charging costs, AEG explained.
With the latest EV general ownership costs nearly matching those of ICE vehicles, alongside brand-specific EV price cuts and federal EV tax credits also changing the cost conversation, this upset in affordability is the latest update in cost comparison metrics between EVs and ICE vehicles.
“The run-up in gas prices made EVs look like a bargain during much of 2021 and 2022,” AEG’s Patrick Anderson said. With electric prices going up and gas prices declining, drivers of traditional ICE vehicles saved a little bit of money in the last quarter of 2022.
Commercial EV charging costs for midpriced vehicles did not see significant change, ending the year at $14.40 per 100 miles and remaining more expensive than both home charging and midpriced ICE fuel costs.
Luxury EV drivers maintained a cost advantage in the fourth quarter, although the cost-benefit gap over luxury ICE drivers narrowed to $7.56 from $11.20 per 100 miles.
AEG was not yet able to offer a comparison in the pickup truck and entry-priced segments.