As gasoline prices continue to soar, reaching nearly $4 per gallon, many are wondering if electric vehicles (EVs) have finally become the more cost-effective choice. A new analysis by Kiplinger suggests that the answer may be yes, at least for some drivers. With the cost of electricity to charge an EV averaging around 12 cents per mile, compared to 14 cents per mile for gasoline-powered vehicles, the math starts to shift in favor of EVs. But before making the switch, consider the high upfront costs of EVs, as well as the availability of charging infrastructure in your area, to determine if an electric vehicle is truly the better value for your wallet.
With Gas Near $4, Do EVs Finally Cost Less to Own? Kiplinger