New study reveals the dramatic and consistent cost differences of owning an EV compared to a gas car in the US

A new study has laid out the dramatic cost differences when it comes to owning an EV versus a gas car in the US.

Educational nonprofit Veloz found that electric vehicles were much more affordable than gas, and the savings were greater when charging at home.

This isn’t the first time we’ve seen a study comparing the two vehicle types in terms of cost.

But exactly how much cheaper is it to drive an EV?

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The cost difference between an electric car and a gas car is staggering

When it comes to switching over to electric cars, many will have their doubts.

For some, it’s range anxiety, while for others, it’s a worry that driving an electric car simply won’t be as much fun.

But an overriding concern comes down to costs – after all, electricity is widely perceived as being expensive.

However, charging EVs is more affordable than you might think, according to this study from Veloz.

On average, it cost $12.86 to fully charge an electric car at home, compared to the $43 that would be spent filling up a standard 14-gallon gas tank.

Despite the fact that electricity prices have been on the rise in recent years, electric vehicles still have a lower cost per mile than gas cars – an average of 5 cents per mile to charge, versus 12 cents per mile for gas.

“When you look at the total cost of ownership, EVs offer drivers meaningful savings through lower operating costs and by providing greater price predictability,” Josh D. Boone, Executive Director of Veloz, said.

“EVs allow drivers to save money in their day-to-day lives at a time when other expenses are rising across the nation.”

Most electric vehicle charging happens at home, and a lot of it happens at night when demand is at its lowest – this means that EVs ‘absorb excess overnight supply’.

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But do EV owners replace their cars more frequently?

Plenty of studies have compared electric cars and gas cars before, with a wide array of results.

One study found that electric car owners were replacing their cars at a much faster rate of every three years, compared to every 12 for ICE drivers.

Another revealed that electric cars were still cheaper to charge, even when drivers opted for public chargers over home charging.

Ultimately, the decision of which type of car a person drives lies with the owner themselves.

So it’s best to be as informed as possible.

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