U.S. gas prices reached a multi-year high today, and the national average for regular gasoline sits at $4.18 per gallon. Drivers in California face much steeper bills at the pump right now. The state average is nearing $6 per gallon, and the Los Angeles area pays even more for a basic fill-up.
Analysts say these rising fuel costs will likely boost electric vehicle sales in the coming months. Consumers naturally look for cheaper alternatives when gas gets this expensive.
Comparing the daily charge to gas
We can see the financial difference by matching a Tesla Model Y against an efficient gas car like the Toyota RAV4 Hybrid. Driving a Model Y currently costs four cents per mile if you plug it in at home.
A comparable gas option like the RAV4 Hybrid costs 10.4 cents per mile at today’s $4.18 national average. The electric option cuts fuel spending by 61% right from the start. This simple math only looks at the energy needed to move the car down the road, and we left out other common vehicle expenses for this direct comparison.
Factoring in the long-term expenses
Looking past the daily charge brings other real expenses into the picture. Every vehicle needs insurance coverage, and owners pay registration fees every year. We left out routine maintenance and those state fees in the direct fuel comparison above.
The Model Y still comes out ahead in most regions when you add everything back into the budget. Electric cars skip regular oil changes and lack traditional transmissions that need service over time, so those saved repair bills usually make up for the higher insurance premiums or special EV taxes that states charge.
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