I see about 3 MPG less burning E85 compared with 93 octane gasoline on average. It costs about $.04 less per mile to use E85 than 93 octane over the last thirteen months. The current spread is even greater as E85 around here has fallen in price a little more than gasoline.
With fuel prices always fluid, pun intended, E85 is not always the best value but the motor loves it, drives different and makes more horsepower and torque.
I have found this to be the case with my '04 Suburban. Just for fun, I put in a full tank of E85 before going on a camping trip. This trip required me to pull a 3500lb trailer through Eisenhower Tunnel (the highest point on the US Interstate Highway system, 11,000' above sea level.)
With E85 it felt like rocket fuel compared to the rot gut E10 I normally use! It didn't hurt that it was $0.60/gallon cheaper.
Then, on the way back home, just for fun I put in a tank of 91 octane (91 in Colorado is the same as 93 in the flatlands, higher altitudes reduced the octane so 91 is our "premium..") for the trip back over Wolf Creek Pass (10,600'.) Unlike my E85 experience, I did
not find any comparable benefit to running 91 octane over 85 (our low octane, equal to 87 at lower altitudes.) And the cost was $0.80 MORE than 85 octane E10.
It depends on the cost of E85. Sometimes it's a saving, sometimes its not.
Since I obsessively track my MPG I have developed a rule of thumb that goes like this: In order to have an equivalent "cost per mile", E85 needs to be at least $0.65/gallon cheaper than E10. There are only a few local stations that have E85 and I keep track of them on the Gasbuddy.com app. Right now the delta between E10 and E85 is $0.50 or less, so it makes sense to run E10.
But if I were to be headed over the mountains with the trailer, I'd put E85 in just for the extra power going over the pass.