A new analysis by Anderson Economic Group (AEG) has found that fueling up your mid-priced ICE vehicle was more affordable than recharging an electric car of comparable value, again shining the light on the current reality of running costs for EVs.

The study focused on Q4 2022 and was based on the cost of driving 100 miles. With recently declining gas prices, this amount worked out to $11.29 for owners of mid-priced ICE vehicles, about $0.31 less than what it costs to charge an EV of similar value if charging mainly was done at home. If charging commercially, the costs of recharging the ICE vehicle are over $3 less.

While EVs are generally perceived as being cheaper to run, this new study underlines that your transportation-energy costs are still dramatically influenced by what vehicle segment you shop in and even where in the USA you live.

Because electricity costs have also been rising, this is the first time that mid-priced ICE cars were more economical to fuel than comparable EVs in 18 months. Although AEG doesn't provide a price range for mid-priced vehicles, we can safely assume that the group includes the likes of the Kia EV6, which starts at $48,700 - that's much more than a Chevrolet Bolt but not quite into luxury territory.

The study results look different for owners of luxury, high-end EVs like the Porsche Taycan. In this segment, the cost benefit for charging relative to filling up with gas is $7.56 in favor of EVs, assuming that charging mostly takes place at home. With primarily commercial charging, luxury EVs are still cheaper to fuel than comparable luxury ICE cars.

Because EVs remain rare in the entry-level and pickup segments, there was insufficient data to evaluate comparable running costs. This scenario will change as the Rivian R1T and Ford F-150 Lightning are joined by more competitors.

Accessibility to sub-$30,000 EVs like the Chevrolet Bolt also remains disappointingly low.

"The run-up in gas prices made EVs look like a bargain during much of 2021 and 2022," said Patrick Anderson from AEG. "With electric prices going up and gas prices declining, drivers of traditional ICE vehicles saved a little bit of money in the last quarter of 2022."

To obtain its findings, AEG evaluated the costs of gas/diesel or electricity, relevant taxes, the price of operating a pump or charger, and how much it costs to drive to a fueling station. That last factor remains an issue for EVs as charging infrastructure battles to keep up with the influx of EVs on our roads. There is also a cost factor for waiting in line at a charging station.

Ultimately, there are many variables to consider before deciding if an EV has attained cost parity with a comparable ICE car, and fluctuating gas prices can change this scenario from one quarter to the next.