Switching to an electric vehicle (EV) to avoid high gas prices seems appealing, but the savings depend on where and how you charge. Home charging saves the average driver $8 per 100 miles compared to gas, while public chargers can cost more per mile than gasoline.
Gasoline and electricity rates vary by state, affecting the overall savings gap. Additional costs like higher sticker prices, maintenance, insurance, and depreciation also play a role. EVs often have more problems but fewer moving parts, and their environmental impact is lower over time despite higher manufacturing emissions.
Consider these factors before making the switch.