About 4 months ago we noticed that the parking lot at the Tesla factory in Fremont, CA was full of Tesla vehicles - something we never noticed before. In January Tesla lowered prices of their vehicles amid the news that they were not selling as briskly as they used to. That was good news for consumers.
Now for the latest bad news - in Q4 2022 fuel expense to drive 100 miles in a typical electric vehicle cost more than driving a typical internal combustion engine car.
Anderson Economic Group( AEG) reported that in Q4 2022 typical mid-priced internal combustion engine vehicle drivers paid $11.29 for fuel to drive 100 miles. That was 31 cents cheaper than mid-priced electric vehicle drivers had to pay to travel 100 miles - if they charged at home. If the EV drivers charged their vehicles at a commercial facility, they paid $3 more per 100 miles.
With continuing inflation, the cost of electricity is up, while the seasonal drop in demand for gasoline has caused the prices to come down.
It will be interesting to see if this reverses during the summer driving season - or will the economy slow down enough that the fuel prices will not climb to the usual summer heights.
In the meantime, whether you drive an EV or a gasoline car, we recommend regular service to keep your car in top shape.