Electric Cars Still More Expensive to Charge Than Fueling Up With Gas

By: Olawale Ogunjimi | Last updated: Nov 05, 2023

Are you thinking of owning an electric car anytime soon? Recent findings suggest that you might need to think more carefully about it. Specifically, it’s long-term effects on your pocket. 

Surprised? Yeah, we thought so. Electric vehicles have long been touted as the better long-term cost-saving option over gas-powered vehicles, especially in the area of charging/refueling. However, the tables seem to have turned during the past few years, and nothing much has changed since then. 

Comparing Entry-Level Cars and SUVs

A study showed that entry-level cars and SUVs still cost more to charge than fuel. For example, the combustion-engine entry-level Kia Forte costs $9.78 per 100 miles. 

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However, switch to the EV counterpart and you’re looking at $12.55 per 100 miles if you’re charging at home, and $16 if charging in public. The discrepancy is because gas prices have gone down and electricity tariffs have gone in the opposite direction. 

Breakdown of Mid-Level Cars and SUVs

The situation isn’t any different for mid-level cars and SUVs. While a gas-fueled engine could cost about $11.08 per 100 miles, an electric engine vehicle of the same make costs $12.62 per 100 miles if you’re charging from home and a little over $16 in public charging stations. 

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The difference becomes more glaring when converted to monthly costs. “It’s now 50% more expensive than fueling it with gas,” a Prius Prime owner complained. 

Luxury Vehicles Dare to Be Different

Surprisingly, luxury cars buck the trend. The study revealed that it costs less to re-power luxury electric cars than their gas-powered alternatives. 

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Fueling gas-powered luxury cars would cost about $17.56 per 100 miles while their electric relatives cost $13.50 if you’re charging from home. Using a charging station lands you back at square one with $17.81 per 100 miles. 

Trucks Are a Wash

Trucks on the other hand cost pretty much the same whether they’re gas or electricity powered (provided you charge from home). Fueling or charging your truck will cost you roughly $17 to $18—this figure applies to diesel trucks as well. 

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However, charging in public ramps up the cost to $26.38. So, if you aren’t looking for an EV version of luxury cars and trucks, be sure to factor the costs before you make the jump.