How Much Does an Electric Vehicle Cost to Drive Per Mile, Compared to a Gasoline-powered Car?

June 22nd, 2022 by

Calculating the exact costs of driving efficiency can be difficult due to fluctuating gas and electric prices. However, it is generally true that electric vehicles cost less to drive than gas-powered cars. As of 2022, drivers can expect to save up to $1,000 per year when driving an electric vehicle. At Ray Catena, our knowledgeable staff is happy to help you understand how switching to an LEV will affect your daily drive.

Every driver of a luxury electric vehicle knows that their EV is better for the environment than a gas engine car. This is the main reason people switch to electric. But a secondary advantage is the cost to drive an electric vehicle compared to a gas-powered car. As a rough estimate, studies show that EV drivers can save an average of approximately $800-1,000 per year.

However, the exact cost to drive any car, gas or electric, will depend on a number of factors. Here are some of the important figures to consider when comparing the costs of driving EVs versus gas cars.

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Average Cost of Gas

The average cost of gas per gallon is in a constant state of fluctuation. Frustration with gas prices is one of the driving factors behind the widespread switch to electric vehicles.

So far in 2022, gas prices are the highest they’ve been in a while in America. As of April 6, 2022, the average price for a gallon of gas was $4.16. This figure is actually down slightly from recent weeks.

Gas Tank Size and MPG

The average size of a gas tank in most cars is between 12-15 gallons, depending on the size of the vehicle. A rough estimate of fuel efficiency for gas cars in 2022 is 25 miles per gallon. However, this figure can vary greatly from one model to the next. For instance, a Toyota Camry has 39 MPG on the highway, while a GMC Denali only gets 27 MPG.

Cost of Electricity

The cost of electricity is measured in kilowatt-hours (kWh). The price of electricity fluctuates and changes from state to state. However, these fluctuations are not quite as extreme as they are for gas prices. As of April 2022, the average cost of electricity in the U.S. is roughly 14 cents per kWh.

Land Rover Range Rover Hybrid LEVEV Battery Range and Capacity

The battery range and capacity of luxury electric vehicles also vary greatly between models.  For example, the Audi e-tron has a battery capacity of 95 kWh and a range of 222 miles. The MINI Cooper SE, on the other hand, has a capacity of 32.6 kWh and a range of 114 miles.

Your battery’s capacity is the amount of electricity (in kWh) that your battery can hold. The range is the maximum distance your EV can travel on a single charge.

Calculating Costs – How Much Money Do You Save Driving an Electric Car?

Putting all of these figures together to calculate the costs of driving an EV is the last step. Using the Audi e-tron as an example, the cost to fully charge its 95 kWh battery at $0.14 per kWh comes to $13.30. That’s just over $13 for the equivalent of a full tank of gas. Compare that to a 12-gallon gas tank at $4.16 per gallon and you get nearly $50. That’s $36 of savings each time you fill or recharge your vehicle!

Visit a Ray Catena dealership location to find out more on our diverse LEV inventory, or learn more about EV cost of ownership, tax benefits, EV batteries, and service.

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