Doing the math: With high gas prices, is an electric vehicle worth buying right now

Published: March 30, 2022 5:33 PM EDT
Updated: March 30, 2022 6:11 PM EDT

The number of electric vehicles on the road is growing, and with rising fuel prices you may be thinking about making the switch. But is it worth it, does driving an electric vehicle save you money on the road?

After crunching the number, we’ve come up with an answer, however, it still depends on a bunch of factors.

Driver Uriel Trejo said, “I actually let down two friends that wanted to hang out. I said no thank you unless you’re paying for my gas.”

But there have not been many complaints from electric vehicle owners, like Mark and Gail Bennett “There we go, gas savings right there.”

The Bennett’s drove their Tesla down from Wisconsin. They’re happy they took the EV and not their truck.

The average price for unleaded gasoline in Florida is $4.19.

And with more and more people showing interest in electric cars, is it worth it for someone to get an electric vehicle now given the gas prices?

FGCU mathematician Senthil Balaji Girimurugan Ph.D. (Credit: WINK News)

FGCU mathematician Senthil Balaji Girimurugan Ph.D. took out a whiteboard to find out.

It turns out, it can be worth it.

But only if you planned to get another car, you drive a lot, and if you plan on having it for a long time.

“Of course, the upfront costs of an electric vehicle is high and the maintenance cost of an electric vehicle these days is high but other studies have been done where they took several factors into consideration and they’ve determined that in the long run, 11-12 years, if you retain that vehicle electric vehicle is definitely better,” Girimurugan explained.

Electricity is measured in kilowatt-hours. It costs about 11 cents to go 3 or 4 miles in an electric car.

And about 50 cents to go that same distance in a gas car.

That alone, Girimurugan says, proves its long-term worth. “Definitely cheaper than paying for gas at about $4 a gallon.”

As of last month, the Nissan Leaf is the least expensive electric vehicle on the market. Its entry-level version costs around $28,000. You could also be eligible for a federal tax credit with some electric vehicles.