With Gas Prices on the Rise, Is it Cheaper to Go Electric?

Gas prices are on the rise and don’t show any signs of slowing down. Currently, it’s much cheaper to drive an electric vehicle.

The difference in fuel cost could send many shoppers to their local dealers looking for the latest EV model with the most extended driving range. The move toward electric vehicles was evident with some events that began the decade, including the President’s desire to have 50% of all vehicle sales in the US coming from EV models by the end of the decade.

What’s Caused the Increase in Fuel Prices?

Many might think the only reason fuel prices have increased to the level they have is because of the Russian invasion of Ukraine, but that’s not the entire story. Some of the price hikes we see have to do with the lack of production at some refineries around the country. In the post-pandemic world we live in now, drivers who spent the past two years avoiding vacations and travel find they can go wherever they want once again. The demand for gas has grown beyond the supply, another cause for the increased fuel prices.

Consider a Comparison

The increased gas prices are something we all grumble about now, but when you see refueling with gas compared to recharging an EV, you’ll be astonished by the differences. Let’s take the national average gas price at $4.32 per gallon from March 10 and the national average of electricity per kWh at $0.14. We see how much it takes to refill some standard vehicles from each category.

Refilling Using Gas

To fill up a tank of gas in three of the most common gasoline-powered vehicles, we find:

Ford F-150 – $99.31

Toyota RAV4 – $62.61

Honda Civic – $53.50

Refilling Using Electricity

Turning to the three electric vehicles, we find refilling costs of:

Ford F-150 Lightning – $13.48

Rivian R1T/R1S – $18,56

Tesla Model 3 – $7.43

While this is an impressive comparison difference, you’ll quickly point out that the EV models don’t offer the same driving range as the gasoline vehicles. Also, it only takes a few minutes to refill a gasoline vehicle, but it takes much longer to recharge an EV.

What is the Per Mile Comparison?

If we break down these vehicles and offer the total cost per mile to refill these vehicles, we find some other differences.

Ford F-150 – $0.20 per mile

Toyota RAV4 – $0.14 per mile

Honda Civic – $0.13 per mile

Ford F-150 Lightning – $0.06 per mile

Rivian R1T/R1S – $0.06 per mile

Tesla Model 3 – $0.03 per mile

As you can easily see, the gas prices have created a world where driving a gasoline-powered vehicle costs three to six times what it costs to drive an electric car. This creates a situation where you might want to buy an electric vehicle and start driving.

What Are these EVs You Might Want to Drive?

The three electric models used to compare fueling costs and the driving per mile price are three exciting vehicles. Technically, we have four cars, but the Rivian models are highly similar. You’ll pay more initially for an EV than a gas-powered model, but that initial cost turns over during ownership. Let’s look at the three EVs listed and what they offer when you head out on the road.

Ford F-150 Lightning

The F-150 Lightning is an electric truck that delivers many impressive features and qualities that make driving right for you. This truck can tow up to 10,000 pounds and carry a heavy load in the bed. Where the engine of the gas-powered F-150 resides, you find a storage area that measures 14 cubic feet and carries up to 400 pounds. This space is called a frunk. The F-150 Lightning is a truck that allows you to avoid the high gas prices that are part of our world now. If you want a new work truck that ensures you can have an incredible drive and save a lot of money on fuel, this electric F-150 can be the right truck for you to drive.

Rivian R1T/R1S

The Rivian R1T is an electric truck, and the R1S is an electric SUV from a new company that is only beginning to start in the EV world. The R1T is an exciting truck with lots of power for the drive and a unique item called a Gear Tunnel. This space is positioned between the cab and the bed to give you a great place to keep your wet clothes or some camping items you want to take with you. The Gear Tunnel is the right place to put the optional $5,000 Camp Kitchen that has a complete setup for your time in the outdoors. The R1S gives you the Driver+ feature, which uses several sensors to allow for a hands-free driving experience when you’re out on the road. Either one of these Rivian models can make it easy for you to avoid the high gas prices.

Tesla Model 3

One of the most interesting and affordable EVs is the Tesla Model 3. This car is the first indeed mass-produced EV from the Tesla brand. You’ll find the benefits of Autopilot, which is the Tesla version of hands-free driving to give you the drive you want when behind the wheel. This car also gives you a Smart Summon feature that allows you to call the car to you while standing outside it. All you’ve got to do is use your smartphone to enable the vehicle to move to you so that you can step in and go for a drive.

Avoid the high gas prices that are likely to only get higher by driving one of the many new electric vehicles offered in the market today. One of these new EVs could be the right vehicle to help you avoid paying way too much at the gas pump.