2022 saw a 60% increase in American EV registrations, according to Car and Driver, thanks in large part to a boost in model offerings, expanded infrastructure and an aggressive push by industry stakeholders aimed at educating the public. Yet EVs make up less than 5% of the total vehicles on US roads, with many consumers still reticent to take the leap.

However, the fact that many states plan to ban the sale of new gasoline-powered vehicles in the next 10 to 20 years means these same consumers are having to take a long hard look at their electric biases to determine how EVs truly compare. In that vein, we decided to do our own comparison, laying out the pros and cons, and some of the findings may surprise naysayers.

‍

Cost of Ownership:

Electric Vehicles

• $10,000 higher average sticker price
• Prices are declining as offerings increase
• $7,500 federal tax credit + various state/local incentives available
• Savings of nearly $15,000 over the life of the vehicle in low-cost states when all costs are considered

Gasoline Vehicles

• $10,000 lower average sticker price
• Supply chain issues in 2022 caused conventional car prices to increase
• No tax incentives available
• Savings of nearly $2,500 over the life of the vehicle in high-cost states when all costs are considered 

‍

Performance:

Electric Vehicles

• No-lag acceleration and faster 0-60 times
• Advanced technology like regenerative braking, self-driving and energy efficiency
• Lower center of gravity means better handling and responsiveness
• Average lower top speeds

Gasoline Vehicles

• Delayed acceleration and slower 0-60
• Standard technology, with heat loss and friction leading to just 40% fuel efficiency
• Higher center of gravity means reduced handling and responsiveness
• Average higher top speeds

‍

Support Infrastructure:

Electric Vehicles

• Approximately 46,000 charging stations
• Can be installed at home, work, gyms, supermarkets, public lots, etc.
• Average charging time: 30-40 minutes
• Infinitely sustainable when powered by renewable energy sources

Gasoline Vehicles

• Approximately 150,000 gas stations
• Not available for homes, offices and other public properties
• Average fill-up time: 5 minutes
• Based on limited resources

‍

Fueling Costs:

Electric Vehicles

• National average: $0.14 per kWh of electricity (residential)
• Average cost to charge to 85%: $8.06
• Miles driven per $100: 3,225.8

Gasoline Vehicles

• National average: $3.16 per gallon of gas
• Average cost to fill up a 16-gallon gas tank: $50.56
• Miles driven per $100: 950.1

‍

Driving Range:

Electric Vehicles

• Average driving range on a single charge: 211 miles
• Maximum driving range on a single charge: 520 miles

Gasoline Vehicles

• Average driving range on one tank of gas: 413 miles
• Maximum driving range on one tank of gas: 598 miles

‍

Vehicle Selection:

Electric Vehicles

• Over 60 new EV models as of 2022
• Increasing number of models being offered by manufacturers expected to double by 2024

Gasoline Vehicles

• Several hundred models as of 2022
• Most manufacturers winding down the number of ICE models or discontinuing them completely by 2035

‍

Maintenance:

Electric Vehicles

• Less moving parts means maintenance costs are one-third that of ICE vehicles
• No oil changes, transmission fluid or spark plug replacement required
• Batteries can cost upwards of $10,000, but are forecasted to last 15 to 20 years, or up to 200,000 miles

Gasoline Vehicles

• Average five-year maintenance costs can be triple that of EVs
• Routine oil changes required, plus suggested changing of transmission fluid and spark plugs at 100,000 miles
• Internal combustion engines cost $5,000 on average and last about 10 years

‍

Emissions:

Electric Vehicles

• Zero “tailpipe” emissions
• Renewable energy sources reduce reliance on fossil fuels to power the grid and thus lower overall emissions

Gasoline Vehicles

• Average passenger vehicle emits about 4.6 metric tons of CO2 per year
• Extracting, refining, producing, burning and transporting fuel for gasoline engines further increases emissions

‍

It’s time to let the facts speak for themselves. While owning an EV has a few limited drawbacks, it is better overall for performance, the planet and your pocket book. For further information, also check out these scholarly articles comparing electric and combustion engine vehicles:

‍

‍

Sources:

National Resources Defense Council: Electric vs. Gas Cars: Is It Cheaper to Drive an EV?

https://www.nrdc.org/stories/electric-vs-gas-it-cheaper-drive-ev

Idaho National Laboratory: How Do Gasoline & Electric Vehicles Compare?

https://avt.inl.gov/sites/default/files/pdf/fsev/compare.pdf

MIT Climate Portal: Are electric vehicles definitely better for the climate than gas-powered cars?

https://climate.mit.edu/ask-mit/are-electric-vehicles-definitely-better-climate-gas-powered-cars

‍

‍

‍

‍