In recent years, the auto industry or automotive industry has seen a significant shift towards electric vehicles (EVs) as a more environmentally friendly and sustainable mode of transportation. While the adoption of EVs is on the rise, one important factor that continues to play a crucial role in consumer decision-making is the cost of fuel.

Despite the increasing popularity of EVs, gas vehicles remain considerably cheaper to fuel, making them a more cost-effective option for many individuals.

This article will delve into the various reasons why gas vehicles still hold a significant advantage over EVs in terms of fuel costs.

From analyzing the production and distribution process to examining the current state of infrastructure, we will explore the key factors that contribute to this ongoing disparity. Furthermore, we will also address the potential solutions and advancements that could level the playing field between gas and electric vehicles in the future.

Ultimately, this article aims to provide a comprehensive overview of the current fuel economy landscape, shedding light on why gas vehicles remain a more economical option than EVs.

A Recent Study

According to a recent study conducted by the consulting firm Anderson Economic Group, there is evidence to suggest that gasoline-powered vehicles may currently offer a more cost-effective solution for fueling compared to their electric vehicle counterparts. The study focused on entry-level gas-powered cars such as the Honda Civic and Subaru Impreza, which were found to have an average fueling cost of $9.46 per 100 purposeful miles.

Purposeful miles refer to those driven towards a specific destination, rather than to a gas stations or public charging station.

In contrast, electric vehicles like the Nissan Leaf or the now-discontinued Chevrolet Bolt, when charged mainly at home, were estimated to have a fueling average cost of $12.55 per 100 miles, based on energy cost data from the U.S. Energy Information Administration. It is worth noting that this data took into account electricity prices in Michigan, which tend to be higher than the national average.

The cost increased to $15.98 per 100 miles when predominantly using commercial charging.

Patrick Anderson, the CEO of Anderson Economic Group and the author of the study, highlighted that despite stable electricity costs prices and a slight decrease in gasoline prices or gas prices, the majority of traditional gas-powered vehicles still appeared to be more economical to fuel than their electric counterparts towards the end of 2023.

The Average Price

As of February 26, on a national scale, the average price for regular gasoline stands at $3.26 per gallon, reflecting a year-over-year decrease of 3.1%, based on data from AAA.

Moreover, mid-range vehicles such as the Chevrolet Equinox or Toyota Camry, which run on gasoline, incurred an average fueling cost of $10.71 per 100 miles travelled. On the other hand, electric vehicles (EVs) like the Ford Mustang Mach-E and Tesla Model 3, primarily charged at home, exhibited an estimated cost of $12.61 per 100 miles. However, when predominantly utilizing commercial charging facilities, the expense escalated further to $16.11.

Nevertheless, there was an exception to the higher costs associated with EVs. Luxury electric vehicles like the Tesla Model S and Mercedes-Benz EQS, when predominantly charged at home, yielded a cost of $13.50 per 100 miles, in contrast to $17.81 when predominantly using commercial charging. In comparison, gas-powered luxury vehicles like the Cadillac CT5 and Lexus ES recorded a cost of $17.30. The discrepancy was further exacerbated for premium gasoline users.

An Estimated Cost

As for pickup trucks, refueling a Ford F-Series truck, Chevrolet Silverado, Ram 1500, or other gasoline-powered options resulted in an estimated cost of $17 per 100 miles. Diesel fueling, on the other hand, amounted to $16.86. Conversely, charging an F-150 Lightning or a Rivian R1T, predominantly at home, amounted to $17.75, while primarily relying on commercial chargers raised the cost to $26.39.

According to Anderson, there is a noticeable trend in the recently introduced electric pickup truck segment, where fueling costs align with those of traditional gasoline or diesel-fueled internal combustion engine (ICE) pickups. This observation is particularly relevant since pickup drivers often undertake tasks such as traveling to job sites, hauling heavy loads, or embarking on extended road trips that necessitate the use of commercial charging infrastructure.

Anderson notes that under such circumstances, EV fueling tends to be more expensive. However, it is not uncommon for new technologies to initially carry a higher price tag than their conventional counterparts.

In Conclusion

Despite the increasing popularity and environmental benefits of electric vehicles, it is clear that gas vehicles still remain the cheaper option when it comes to fueling. The higher upfront cost and limited charging infrastructure of EVs make them a less financially feasible option for many consumers.

However, as technology continues to advance and more efficient and affordable models are released, it is likely that this cost gap will decrease. In the meantime, it is important for consumers to carefully consider their individual needs and budget when deciding between a gas or electric vehicle.

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