The Hidden Costs of Driving an Electric Vehicle: Anderson Economic Group Study
Electric vehicles (EVs) can offer cost savings over traditional internal combustion engine vehicles (ICEs) by eliminating the need to purchase gasoline.
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A recent study by the Anderson Economic Group (AEG) found that the cost of fueling a mid-priced ICE vehicle may be less expensive than a similarly priced EV.
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Drivers of ICE vehicles pay around $11.29 per 100 miles, while those who charge their EVs at home spend around $11.60 per 100 miles.
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EV drivers who frequently recharge at charging stations have an estimated cost of $14.40 per 100 miles.
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The cost difference between ICEs and EVs can vary depending on factors such as gas prices and electric prices.
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The AEG study took into account additional costs of EV ownership, such as the cost of home charging equipment and road taxes.
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EV owners do not pay a gas tax that goes towards funding road construction and maintenance, so some states have implemented an additional EV registration fee.
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While EV may save on fuel cost but the additional cost of EV ownership should be considered when making the switch from an ICE vehicle.
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This cost of ownership should be considered in addition to the environmental benefits of EVs.
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The overall cost of ownership of EVs can be lower than ICEs, particularly when compared to high-end luxury vehicles like a Porsche Macan to an electric Porsche Taycan.
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