Fuel efficiency remains in the spotlight as gas prices sit above $4.30 nationally.
Driving the news: iSeeCars has identified the vehicle models using the most fuel on average and those allowing consumers to save the most to keep moving.
Gas prices have come down since hitting a four-year high of $4.56 per gallon Memorial Day weekend, according to AAA.
The national average stood at $4.39 per gallon entering the last weekend of May, which was still more than $1.30 more than the end of February.
iSeeCars estimated the average driver saw annual fuel expenses for ICE vehicles increase by $706 between January and April.
During the same period: iSeeCars figured the cost for charging EVs increased to $725, up by $11.
Plug-in hybrids’ costs are elevated by $291, bringing the annual cost to $1,676.
“Fuel price spikes can play havoc with a consumer’s monthly budget, but consumers can reduce this risk by buying a hybrid or plug-in hybrid,” said iSeeCars Executive Analyst Karl Brauer in a press release. “And, if a driver’s lifestyle and transportation needs can be fulfilled by an electric vehicle, EVs can help insulate consumers from recurring and substantial swings in fuel prices.”
iSeeCars also studied more than 2.1 million three-year-old vehicles, calculating average mileage across different models to determine average costs per vehicle.
Most expensive to drive: Based on the study, the vehicle with the highest cost increase was the Toyota Sequoia, which jumped by $1,623 to an annual cost of $5,145.
The other four vehicles with the largest increase were:
Chevrolet Surburban, $1,542
Nissan Armada, $1,513
GMC Yukon XL, $1,471
Chevrolet Tahoe, $1,317
Vehicles offering savings: Of the vehicles seeing the smallest increase in gas costs, four were hybrids. The Toyota Prius Prime and Hyundai Ioniq Plug-in Hybrid each had an increase of $163 based on the 12,999 miles and 12,630 miles driven per year.
Surprisingly, the Ford Mustang was fifth with an average increase of only $193 due to only being driven an average of 2,092 miles per year.
Worth noting: Ten EV models had charging cost increases of less than $10. iSeeCars estimated the charging cost by figuring the blend of 86% home charging and 14% public charging.
Model-wise, the Lucid Air had a projected cost increase of $6 to $368.
The MINI Hardtop 2 Door would cost $479 annually with an increase of $7.
The Audi RS e-tron GT saw an $8 jump to $513.
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Nothing for free: To get to the aforementioned savings, there are some costs upfront.
The average new EV is $55,211, according to Kelley Blue Book, more than $6,000 the average cost of a new vehicle, $49,025.
Insurance is also more on EVs.
“Electric vehicles consistently have higher insurance costs because their initial MSRP is higher than the equivalent gasoline or hybrid vehicle and because their repair costs are consistently higher,” Brauer said. “The higher EV repair costs come from the more expensive components and battery pack repair costs.”
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