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.
