Because electricity costs have also been rising, this is the first time that mid-priced ICE cars were more economical to fuel than comparable EVs in 18 months. Although AEG doesn’t provide a price range for mid-priced vehicles, we can safely assume that the group includes the likes of the Kia EV6, which starts at $48,700 – that’s much more than a Chevrolet Bolt but not quite into luxury territory.
The study results look different for owners of luxury, high-end EVs like the Porsche Taycan. In this segment, the cost benefit for charging relative to filling up with gas is $7.56 in favor of EVs, assuming that charging mostly takes place at home. With primarily commercial charging, luxury EVs are still cheaper to fuel than comparable luxury ICE cars.
Because EVs remain rare in the entry-level and pickup segments, there was insufficient data to evaluate comparable running costs. This scenario will change as the Rivian R1T and Ford F-150 Lightning are joined by more competitors.
Accessibility to sub-$30,000 EVs like the Chevrolet Bolt also remains disappointingly low.