Gas prices have us asking, “Should I switch to an EV?”
Should I switch to an EV? We’re all wondering about it, especially waiting at the gas pump.
If you can afford the switch, it’s probably worth it. And the good news is that many people can afford the switch now, even if they don’t realize it.
Used car demand and gas prices are at all-time highs, meaning you may be able to break even by swapping your combustion-engine car for an EV.
That means you’ll be saving on fuel costs immediately.
Used Cars Sell for More than New EVs
This doesn’t mean every car owner can sell their car and buy an EV with the proceeds. But 2019 and later model cars sold for an average price of $39,000 in the Carmigo marketplace through the first quarter of 2022.
On average, Trucks and Large SUVs in the same time sold for more than $40,000. So if you’re regretting your recent gas-guzzling purchase, you can probably sell your car for a premium.
Charging Beats Fueling
According to the EPA, a Ford F150 uses 4.5 gallons of gas to drive 100 miles. And the same agency clocked the F150 lightning at 49 kilowatt-hours per 100 miles.
(For this conversation, a Kilowatt-hour is simply a way of measuring electricity. There is a real explanation for the meaning, but I don’t know it.)
So we crunched the numbers ourselves, and fueling is about three times as expensive as charging. That starts to pay for the sticker price differences.
A report from Zeta paints a fuller picture by breaking down the specific price differences for 16 states.
The report also points out that the electric grid is less volatile than the gasoline market, which we wrote about in our article on gas prices.
Should I switch to an EV?
Before making a decision, head over to the Carmigo Estimate Tool to get an estimate of what your car could sell for.
With that number in mind, do a little online shopping to see if any EVs or plug-in hybrids fit in your price range. Keep in mind that the new monthly payment will be offset by significant monthly fuel savings.
If you can’t make it work yet, don’t worry. Electric vehicles are becoming more and more affordable each year.
When you’re ready to trade in those wheels, let us find you the best price for your car and handle all the hassle. You can do the whole thing from your phone, and we’ll even pick it up when it sells.