Gas prices have reached all-time highs in some areas, leading many to rethink their vehicle choices. Despite the rising costs of fuel, a recent study by iSeeCars revealed that internal combustion engine vehicles are still cheaper to drive than electric vehicles. The study analyzed the number of miles driven and the associated costs for different fuel types between November 2022 and April 2023.
The findings showed that EVs were driven the least but were the most expensive to operate over a distance of 1,000 miles. On the other hand, gas cars were driven more frequently but were slightly more expensive to operate over the same mileage cycle. When broken down by model, it was discovered that the 15 most expensive vehicles to drive per mile were all plug-in models. The Porsche Taycan stood out as the most expensive vehicle to operate on a per-mile basis during the study period.
1. The Most Expensive Vehicles Per Mile
The study revealed the top 10 most expensive vehicles to operate per mile, all of which were plug-in models. The higher purchase price of these luxury vehicles, combined with their lower average mileage, contributed to their increased cost per mile compared to other models. The Porsche Taycan and Cayenne PHEV, with their six-figure price tags, led the list as the priciest to operate on a per-mile basis.
2. Hybrids as a Cost-Effective Alternative
In contrast to plug-in models, hybrids emerged as the most cost-effective option to operate per mile. Vehicles like the Honda Insight, Hyundai Ioniq Hybrid, and Toyota Corolla Hybrid had significantly lower costs per mile compared to their counterparts. iSeeCars executive analyst Karl Brauer noted that hybrids are becoming an increasingly attractive choice for buyers as the price gap between them and traditional gasoline models continues to narrow.
Overall, while gas prices are soaring, the data suggests that internal combustion engine vehicles still offer better value for money compared to EVs. As consumers continue to navigate fluctuating fuel costs, understanding the cost implications of different vehicle types can help make informed decisions about which vehicle best fits their needs and budget.