When Gas Hits $4, EVs Become Cheaper Than Gas Cars

As gas edges toward $4 a gallon, the math around buying a car is changing. According to Bloomberg, that’s roughly the point at which the total cost of owning an electric vehicle drops below that of a gas-powered car. Consider what $4 gas actually costs week to week. The average American drives around 230 miles per week. In a typical car getting 28 miles per gallon, that’s roughly 8.2 gallons, or about $33 a week just in fuel. Over a year, you’re looking at spending $1,700 at the pump. Charge that same 230 miles in an EV at the national average electricity rate of around 16 cents per kWh, and you’re spending closer to $370 for the year. That’s a difference of over $1,300, every single year, that you save by going electric.

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