EV vs Gas Cost Calculator

Electric vehicles (EVs) typically cost more to purchase upfront than comparable gasoline-powered vehicles, but offer lower ongoing fuel and maintenance costs. The break-even point — where total ownership costs equalize between the two options — usually falls between 3 and 8 years depending on electricity rates, gas prices, driving volume, and the specific vehicles being compared.

The federal EV tax credit of up to $7,500 (for eligible vehicles and buyers under the Inflation Reduction Act) significantly reduces the effective purchase price of qualifying EVs and can dramatically accelerate the break-even timeline. State-level incentives may provide additional savings. Always verify current eligibility criteria as the rules change periodically.

Electricity cost for EV charging varies significantly by region and charging method. Home Level 2 charging typically costs $0.10–$0.20 per kWh depending on your utility rate and time-of-use pricing. Public DC fast chargers can cost $0.30–$0.60 per kWh — closer to gasoline pricing. Heavy reliance on public fast charging substantially reduces the fuel cost advantage of driving an EV.

1. Enter your annual miles driven and comparison period in years.
2. For the gas car: enter purchase price, MPG, gas price, annual maintenance, and expected resale value.
3. For the electric vehicle: enter purchase price, efficiency (miles/kWh), electricity rate, tax credit, annual maintenance, and expected resale value.
4. Review the total cost comparison and see which vehicle is cheaper over your chosen ownership period.
5. Note the breakeven year — the year when cumulative EV costs become lower than cumulative gas car costs.
6. The year-by-year table shows cumulative costs for both vehicles so you can see exactly when the crossover occurs.

If you are considering an EV, install a Level 2 home charger before or shortly after purchase. Home charging at night on lower off-peak electricity rates provides the best per-mile charging economics and the most convenient ownership experience. The charger hardware and installation typically cost $500–$1,500 but pay for themselves within 1–2 years of regular use compared to public charging alternatives.

EV maintenance costs are genuinely lower than gasoline vehicles. EVs have no oil changes, no spark plugs, fewer brake jobs (due to regenerative braking), no exhaust systems, and fewer moving parts overall. However, battery replacement remains a wildcard for older EVs. Most major EV manufacturers warranty their batteries for 8 years or 100,000 miles, which covers most ownership scenarios.

EVs depreciate differently than gas cars. The rapid pace of EV technology improvement means earlier-generation EVs with shorter range can lose value quickly as newer models offer more range at lower prices. When estimating your EV's residual or resale value, be conservative — especially for vehicles with batteries under 250 miles of range that may be outcompeted by future models.