If you own a car and live in America, you’ve felt the financial pain that rips through your party when you fill it up with gas if you can afford to fill it up!
Gas prices have soared since Russia invaded Ukraine a month ago, with a gallon still costing over $6.00 in California this weekend.
Owners of gas-powered cars have been asking themselves if owning an EV makes more sense to avoid ridiculous gasoline prices. Well, electricity prices have also soared recently, especially in markets that have a lot of Tesla’s on the road, and CNBC crunched the numbers to see what made more sense economically; a gas vehicle or EV.
Over the past few years, the data has shown that an EV is much cheaper to recharge than a car to refuel, but electricity prices vary market by market.
Still, whether you live in Topeka, Tampa, Tacoma, San Franciso, Boston, or Los Angeles, charging your EV battery is cheaper than filling your tank up with gas. An analyst for Jeffries crunched the numbers and determined that the total lifetime cost of owning an internal-combustion vehicle is almost $5,000 more than owning an electric vehicle. And that gap will get larger as battery prices fall in the coming years.
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