Are Electric Vehicles Cheaper to Run

Most automotive analysts will agree that electric vehicles are cheaper to run than gas powered vehicles.  University of Michigan performed a study in 2018 that found the average cost of running an electric car was $485 per year versus $1,117 for a gas-powered car.  A newer study by Consumer Reports in 2020 states the cost to power an electric vehicle is about 60 percent less than gas-powered vehicles.  In 2022 we've seen gasoline prices increase to $5 per gallon which could mean savings have increased further.