The Ultimate Cost Comparison: Electric vs. Gasoline-Powered Cars

When it comes to buying a new car, one of the biggest considerations is the type of fuel it will use. Gone are the days when gasoline was the only option, with electric cars now a popular choice for eco-conscious drivers everywhere. But with electric vehicles (EVs) still being a relatively new concept for most people, it can be tough to weigh up the true cost savings compared to their traditional gas-guzzling counterparts.

Summary:

Gone are the days when gasoline is the only fuel option

According to a recent report by AAA, the average cost of gasoline in the US rose to $2.25 per gallon in October 2020. For electric cars, the price of running them is dependent on a number of variables, including the type of electricity plan you have and the cost of charging stations in your area. To come to a fair comparison, we’ll be looking at this subject in terms of cost per mile.

Cost per mile: Electric vs. Gasoline Cars

When it comes to calculating the cost per mile, the price of electricity can vary significantly across different states in the US. However, on average, EVs are 50% cheaper to drive than gasoline-powered cars. According to the Department of Energy, the cost to drive an EV is just over 4 cents per mile compared to gasoline-powered cars, which cost an average of 10 cents per mile.

Key Takeaways

Electric Cars

• The cost to drive an EV is around 4 cents per mile.
• EVs can have a range of between 70-400 miles, depending on the make and model.
• You can charge your EV at home for a fraction of the cost of filling up a gasoline car.

Gasoline Cars

• The average cost per mile for a gasoline car is around 10 cents.
• The range is dependent on the make and model but usually between 250-400 miles.
• The price of gasoline fluctuates and can be affected by a range of external factors, such as global oil prices.

Advantages of Electric Cars

• EVs offer a cleaner and more sustainable driving option for eco-conscious drivers.
• Cost per mile is significantly cheaper than traditional gasoline cars.
• The ability to charge your EV at home means you can save both time and money compared to filling up at a gas station.
• EVs have lower maintenance costs since they have fewer moving parts than traditional gasoline engines.
• In the long run, electric cars help reduce greenhouse gas emissions, ultimately contributing to a cleaner environment.

Advantages of Gasoline Cars

• Gasoline cars offer a higher range than most electric cars, usually between 250-400 miles.
• They are usually cheaper to buy upfront than electric cars due to the cost of advanced batteries used in EVs.
• The infrastructure to support gasoline cars is already in place, with gas stations found on nearly every street corner.
• Gasoline cars are typically easier to find in a wider range of models and sizes.

Industry Stats: Electric vs. Gasoline-Powered Cars

According to BloombergNEF, EVs are set to reach price parity with traditional gasoline-powered cars by 2025. From then on, EVs will be cheaper to buy and run than gasoline cars, leading to a surge in demand for electric vehicles worldwide. Electric cars aren’t just cheaper to run – they’re also better for the environment. According to the Environmental Protection Agency (EPA), switching from a gasoline-powered car to an EV can reduce greenhouse gas emissions by more than 50%.

Key Takeaways

• EVs are set to be cheaper to buy and run than gas-powered cars by 2025.
• Switching to an EV can significantly reduce greenhouse gas emissions by more than 50% compared to gas-powered cars.
• The cost to run an EV is dependent on a number of variables but, on average, they are 50% cheaper than traditional gasoline cars.

Conclusion: It’s Not Just About Cost

While the cost to run an EV is significantly cheaper than a traditional gasoline car per mile, there are other factors to consider when making the switch. The range of electric cars is still relatively short compared to traditional cars, with EVs usually able to travel 70-400 miles on a single charge. Additionally, charging an electric car can take longer than filling up a gas tank, so convenience is another important factor to weigh up.

Despite this, electric cars offer a cleaner and more sustainable driving option for eco-conscious individuals. Electric cars help reduce harmful CO2 emissions and contribute to a better, cleaner environment in the long run. It's up to you to weigh up the relative costs compared to the size and use of your vehicle, to decide which type of car would be best for you.