The cost of refueling electric vehicles in the United States is higher than gas-powered cars for the first time in 18 months, a consulting firm said.
“In Q4 2022, typical mid-range Internal Combustion Engine (ICE) car drivers paid approximately $11.29 to fuel their vehicles for 100 miles of driving. That cost was about $0.31 less than what mid-range EV drivers who primarily charge at home pay and over $3 less than the cost borne by comparable EV drivers who charge commercially load,” said the Anderson Economic Group (AEG) in an analysis.
However, luxury EVs still enjoy a cost advantage over their gas-powered counterparts.
It costs luxury EV owners an average of $12.4 to drive every 100 miles if they primarily charge their cars at home, or $15.95 if they primarily charge their cars at commercial charging stations in Q4 2022.
Meanwhile, fuel costs for gas-powered luxury cars average $19.96 per 100 miles.
AEG is a Michigan-based consulting firm that provides research and consulting in the fields of economics, valuation, market analysis and public policy, according to the company’s website.
The fuel costs in the analysis are based on real-world US driving conditions, including the cost of underlying energy, state taxes levied on road maintenance, the cost of running a pump or charger, and the cost of driving to a gas station , said AEG .
Insurers list crashed low-mileage Teslas in auctions: analysis
Insurance carriers are sending low-mileage Tesla Model Ys to scrap auctions because they’re too expensive to repair.
Of more than 120 Model Ys scrapped after collisions and then auctioned off in December and early January, the vast majority had fewer than 10,000 miles on the odometer, according to a Portal analysis based on online data from Copart and the IAA, Dec both, largest salvage auction houses based in the United States.
Copart and IAA auction listings note whether the vehicles were involved in front, rear, or side collisions and typically include photos of each vehicle after the accident. However, the lists do not provide specific information on the type of damage suffered.
Copart listings, in some cases, included the names of insurance companies that had bought back wrecked vehicles and then listed them at auction. These companies include State Farm, Geico, Progressive and Farmers. Geico is part of Warren Buffet’s Berkshire Hathaway Inc.
All of the Model Ys in the Portal analysis were 2022 or 2023 models built at either the Fremont plant in Northern California or the Austin, Texas plant.
Insurance companies typically “totalize” a vehicle – meaning it will be scrapped and reimbursed to the owner – if the estimated repair costs are deemed excessive.
An Austin-built 2022 Model Y Long Range that was involved in a head-on collision and was listed by the IAA in early January had a retail price of $61,388 and an estimated repair cost of $50,388. The owner of the vehicle was not listed.
A second Austin-built Model Y involved in a side collision and listed by the IAA had a retail price of $72,667 and an estimated repair cost of $43,814.
Portal contributed to this report.