A Michigan-based think tank has claimed that it now costs less to drive an Internal Combustion Vehicle 100 miles than to charge up a comparably all-electric vehicle using home charging. Though this claim comes with a few caveats, starting with acknowledging that this only applies to “midpriced” vehicles based on the national average for fuel and electricity rates.

"The run-up in gas prices made EVs look like a bargain during much of 2021 and 2022," the Anderson Economic Group’s Patrick Anderson told Automotive News in a recent interview. "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."

From Automotive News:

An analysis of late-2022 fueling costs by the Anderson Economic Group (AEG) 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.

Prior to that, it was reportedly cheaper to charge an EV than fuel a comparable internal combustion vehicle. But this would also mean that any claims about electric cars being cheaper to run when national gasoline prices were averaging less than $3.00 per gallon (e.g. 2015-2020) are now doubly suspect.

Then again, this is also a report coming from a group that may have clients who would prefer to see things framed a certain way. This has frequently been the case with studies championing EV ownership and the blade can cut both ways. We’re often critical of any research coming from entities that may have corporate or political ties and this situation is no different.

It's similarly worth remembering things might be different where you live and everything being discussed here focuses on countrywide averages.

However, the data being offered here is reasonably clear and highly specific. In fact, AEG stated that luxury EV drivers managed to maintain a cost advantage in the fourth quarter of 2022, noting that the cost-benefit gap over luxury ICE drivers had still narrowed to $7.56 from $11.20 per 100 miles. While the group said it had hoped to likewise tackle the pickup segment, it doesn’t yet have sufficient data to publish anything concrete.

The final takeaway from the study was that commercial EV charging remains higher than the alternatives, with the cost for mid-priced vehicles seeing no significant change. At an average of $14.40 per 100 miles, it remains the most expensive way to get around town.

[Images: Maridav/Shutterstock; Anderson Economic Group]

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