Analysis: Amid high gas prices, EV operating cost advantages have grown stronger

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As per new research, as gas prices increase, the operating cost benefits of EVs rise. An advocacy group referred to as the Zero Emission Transportation Association (ZETA) released a report that compared the cost per mile of electric vehicles and gasoline cars over the previous six months. It discovered that, in terms of overall operating costs, EVs are significantly less expensive to drive per mile compared to gasoline vehicles.

EV operating cost

According to the report, gasoline cars are 3-5 times more costly to drive than electric cars on a national scale. According to the report, electric vehicles can be driven for 15% to 20% less than gasoline cars in certain states which include Virginia, Arizona, North Carolina, Nevada, Tennessee, and West Virginia.

According to ZETA, because electricity costs are far less volatile than oil prices, electric car operating costs have a higher probability to remain stable over time. As in previous studies, the findings further showed that lower EV maintenance costs make a significant contribution to lower overall operating costs.

2022 Hyundai Ioniq 5

This adds to a similar ZETA analysis released in March, which placed emphasis on the cost of charging an EV versus filling a gasoline-powered car. It discovered that electric cars were three to five times less costly to drive per mile across the country, and up to six times cheaper in some states.

This is far from the only study that indicates lower electric vehicle operating costs. According to a 2020 Consumer Reports study, higher electric car purchase prices could be more than offset by lower operating costs, especially for SUVs and pickup trucks. 

Electric Vehicles

This is a critical factor in translating evidence of lower electric vehicle operating costs into higher rates of adoption of electric cars. According to a Deloitte study released earlier on in the year, 50% of Americans will not pay more upfront for an electrified vehicle, irrespective of the savings in ownership costs. The savings are also dependent on a variety of factors, so you’re better off just doing calculations yourself.