EVs Are No Longer Cheaper to Own Than Gas Vehicles

Many people want to switch from a gas-powered to an electric vehicle because of the cost of ownership. Not only is electricity more affordable than gasoline, but maintenance is also cheaper. However, recently that has started to change. The market is shifting toward EVs, and they’re no longer more affordable to own than gas vehicles. What’s changing, and how much worse is owning an EV?

High demand means higher EV prices

Electric vehicles (EVS) are no longer cheaper to own than gas vehicles thanks to high charging prices and retail upcharges.
A plugged-in Tesla Model X | Matthew Horwood/Getty Images

EVs are no longer cheaper to own than gas vehicles because of high gas prices creating high demand. Since the beginning of 2022, gas prices have risen everywhere across the United States. As a result, many consumers have decided it’s time to buy an electric vehicle. According to Auto Evolution, statistics and automakers say they’ve had a large increase in orders because of gas prices. Although, with increased demand comes increased prices for everything, including EVs. Not only have EV prices risen, but other costs of owning one have risen.

Which automaker do you think of when considering an electric vehicle? Since it’s the most popular EV maker in the U.S., you likely answered Tesla. Tesla has increased its price significantly in the past few months. Although the primary reason for price hikes is supply chain issues, high demand doesn’t help. As a result, Tesla posted its most considerable profit in the first quarter of 2022. In addition, it’s on track to achieve the same feat in quarter two. Tesla is now one of the most profitable automakers in the world.

Owning and maintaining an EV used to be more affordable

Electric vehicles (EVS) are no longer cheaper to own than gas vehicles thanks to high charging prices and retail upcharges.
2022 Tesla Model 3 | Tesla

EVs are no longer cheaper to own than gas vehicles because Supercharging prices are inflated. As we previously mentioned, electric vehicles are appealing in many ways. One of which was the lower cost of charging instead of buying fuel. Another reason was the low maintenance costs, primarily due to fewer components needing fewer repairs. However, just like gas prices, electricity prices have also spiked recently. On top of that, Supercharging prices for Teslas have risen significantly. Tesla once claimed it doesn’t make a profit from selling electricity to customers, but that doesn’t seem to be valid anymore.

For example, in countries that charge for electricity per minute, a full battery costs about as much as a full tank of gas. AE specifically noted Canada, which reported exceptionally high supercharging prices appearing. Even in the U.S., however, Superchargers that charge by the kWh are expensive. One Tesla owner shared on Twitter that they’ve started to pay double in the LA area. Averages as high as $0.40/kWh have become common around the country, with some reaching as high as $0.58.

Home charging remains the cheapest option

RELATED: Can You Own an EV Without a Home Charger Setup?

EVs are no longer cheaper to own than gas vehicles, but you can still charge them at home. The best part about owning an electric vehicle is charging at home. Finally, you don’t have to make time to stop at the gas station on the way to work in the morning. We all know how much of a hassle that can be. Additionally, it’s completely free, other than your home’s electricity bill, of course. Public charging stations charge per hour no matter how much electricity you use, but your home charger will simply appear on your bill. While it might’ve gone up a bit, it’s definitely not as expensive as a Tesla Supercharger.

As a result, the best option when you own a Tesla or other EV right now is home charging. Owners can purchase upgraded chargers or install 240V outlets to increase charging power. Luckily, plugging it in every night means you’ll always be at full capacity. Dodge the gas and supercharging prices in the comfort of your own home.

EVs aren’t cheaper than gas vehicles

Overall, electric vehicles are approaching being just as expensive as gas vehicles. Obviously, there are other massive draws to buying and owning an EV. Saving the environment, fewer mechanical issues, and charging at home are all amazing. Are you interested in purchasing a highly in-demand EV?

RELATED: It Really Does Cost Thousands to Set up a Home EV Charging Station