Media Contact: Matthew Metz, media@coltura.org

NEW ANALYSIS: EVs Continue to Deliver Strong Cost Savings Through 2024, Averaging $943 Annually Per Driver

FOR IMMEDIATE RELEASE -- NEW analysis from Coltura showed that electric vehicles maintained a significant driving cost advantage throughout 2024, saving drivers an average of 7.0 cents per mile throughout the year compared to gasoline vehicles. For the average American driver covering 13,476 miles annually, this translates to $943 in fuel cost savings—even during a year of declining gas prices.

"The data from 2024 reveals something remarkable: even with lower gas prices, EVs continued to maintain their cost advantage, proving they are the smarter, more cost-effective choice," said Matthew Metz, Coltura Co-Executive Director. "This demonstrates that the EV cost advantage isn't just tied to fluctuating gas prices but rather evidence of the fundamental cost advantage of electric vehicles.”

Key findings from the 2024 analysis include:

  • EV drivers saved money in every quarter of 2024 compared to their gasoline driver counterparts
  • Savings peaked in fiscal Q2 at 8 cents per mile during spring's relatively high gas prices ($3.56 per gallon)
  • High mileage drivers saw the most savings, with drivers in the top 10% for annual mileage (averaging 38,735 miles a year) realizing an average of $2,721 in annual fuel savings.

"As we look ahead to 2025, the economic case for EVs continues to strengthen," added Metz. "With ongoing improvements in EV technology, expanding charging infrastructure, and increasing integration of renewable energy, the durable cost advantages of driving electric are undeniable.”

Methods:

The analysis accounts for both home and public charging costs (weighted at 80% and 20% respectively) and uses national average fuel prices from the Energy Information Administration. Coltura calculates EV savings per mile by comparing the cost per mile of gasoline vehicles and electric vehicles with average fuel efficiency. Gasoline and electricity costs are based on national averages from the EIA; EV costs account for both home and public charging, weighted at 80% and 20%. See state-by-state breakdowns, outcomes for different fuel efficiencies, and more on Coltura’s dashboard.

Skip to content