Visualized: Is it Financially Smart to Drive an EV?
CNBC recently released a comparison of the cost savings between driving a gasoline powered vehicle vs a electric vehicle. They found that across the U.S. the average cost to drive a gasoline powered vehicle 100 miles was $14.08. Driving an EV 100 miles cost $5.14. The EV advantage is obvious.
Or is it? Late last year CNBC also published that the average price of an EV was $10,000 more than a standard gasoline vehicle.
We calculated what the break even for the price of the EV was in gasoline savings, using both today’s gasoline prices and the expected price of gasoline had we maintained the previous trend, that we identified here.
We found that, with today’s prices, it would take just over 8 years or 111,856 miles to recoup the additional $10,000 spent on an EV. If gasoline prices were not inflated it would take just under 14 years or 184,501 miles to recoup the additional $10,000 spent on an EV. If you intend to keep your EV for this many years or miles it may be worth it. If not, you may never recoup 100% of the additional money spent.