EV Total Cost of Ownership Calculator
Sticker price is only half the story. Compare the true total cost of owning an electric vehicle versus a gas car — fuel, maintenance, insurance and incentives included — and find your break-even point.
Compare EV vs Gas Total Cost
Enter your numbers below — results update instantly.
⚡ Electric Vehicle
⛽ Gasoline Car
Cumulative Cost Year by Year
What Is Total Cost of Ownership?
Total cost of ownership (TCO) is the full amount you spend to buy, run and maintain a vehicle over the years you own it — not just the sticker price. For an honest EV vs gas comparison, TCO adds up purchase price, fuel or charging costs, maintenance, insurance, and subtracts any incentives or tax credits. Studies from the US Department of Energy, AAA and consumer research groups consistently find that while electric cars often cost more upfront, their lower running costs make them cheaper overall for most drivers within a few years.
What Goes Into an EV Total Cost of Ownership Calculation?
Six factors decide whether an EV or a gas car wins on total cost:
- Purchase price and depreciation. EVs still carry a higher average transaction price than comparable gas cars, though the gap is shrinking every year. Depreciation — the value a car loses — hits both, but strong demand for used EVs with healthy batteries has stabilized resale values for popular models like the Tesla Model 3, Tesla Model Y and Ford Mustang Mach-E.
- Fuel and charging costs. This is where EVs pull ahead. At the US average residential electricity rate of about $0.17 per kWh, an EV getting 3.5 miles per kWh costs roughly $0.05 per mile in energy. A 30 MPG gas car at $3.50 per gallon costs about $0.12 per mile — more than double.
- Maintenance. Electric vehicles have far fewer moving parts: no oil changes, no spark plugs, no transmission fluid, and regenerative braking that dramatically extends brake pad life. AAA estimates EV maintenance costs about 40 percent less than a gas car over five years.
- Insurance. EVs can cost slightly more to insure because battery repairs and specialized parts raise claim costs. The difference is usually a few hundred dollars a year and rarely erases the fuel and maintenance advantage.
- Incentives and tax credits. Note that the US federal EV tax credit expired after September 30, 2025. Many state rebates and utility incentives still exist — enter any you qualify for in the calculator above.
- Financing. If you borrow, a higher purchase price means more interest. Our calculator focuses on cash-equivalent cost; add your loan interest mentally if financing.
Why EVs Usually Win on Total Cost of Ownership
The math favors electric cars for one simple reason: the per-mile operating cost gap is enormous and it compounds every year. A driver covering 12,000 miles a year saves roughly $800 to $1,200 annually on fuel alone, plus several hundred more on maintenance. Over five years that is $5,000 to $8,000 back in your pocket — enough to erase most purchase-price premiums. High-mileage drivers break even even faster, sometimes within two years. The break-even point our calculator shows is the year your cumulative EV spending drops below the gas car’s — after that, every mile is pure savings.
How to Use This Calculator
- Enter the purchase prices of the EV and the gas car you are comparing.
- Adjust energy prices and efficiency to match your area — check a recent utility bill and local gas prices.
- Set your annual mileage and years of ownership, then add any state rebates.
- Read the winner banner, the cost-per-mile figures and the year-by-year chart to see exactly when the EV pays off.
Tip: pair this with our home charging cost calculator to fine-tune your electricity rate, and the EV vs gas cost calculator for a deeper fuel-only comparison.
Frequently Asked Questions
What is total cost of ownership (TCO)?
Total cost of ownership is everything you spend on a vehicle across its life with you: purchase price minus incentives, plus fuel or charging, maintenance, repairs, insurance and financing. TCO is the only fair way to compare an EV with a gas car, because the cheaper sticker price does not always mean the cheaper car to own.
Are electric cars really cheaper than gas cars over time?
For most drivers, yes. The US Department of Energy and AAA analyses show EVs typically cost less over five years thanks to much cheaper per-mile energy and roughly 40 percent lower maintenance. The advantage grows with annual mileage and with high local gas prices.
How does this calculator find the break-even point?
It adds up cumulative spending for each car year by year — purchase price minus incentives in year zero, then annual fuel, maintenance and insurance. The break-even year is the first year the EV cumulative total drops at or below the gas total. If the EV starts cheaper, it wins immediately.
Does the federal EV tax credit still apply?
No. The US federal clean vehicle tax credit expired after September 30, 2025, so this calculator defaults incentives to $0. State rebates, utility incentives and dealer discounts may still apply — enter any you qualify for in the incentives field.
Should I worry about EV battery replacement cost?
For most owners, no. Modern EV batteries are warrantied for 8 years or 100,000 miles and typically degrade only 10 to 20 percent over that span. Replacement is rare within a normal ownership period, which is why this calculator does not include it — but our battery degradation calculator can model capacity loss for your situation.
Is EV insurance more expensive than gas car insurance?
Usually slightly, yes — often $200 to $400 more per year — because battery packs and specialized parts raise repair costs. Our calculator includes separate insurance inputs for each car so you can model the exact difference with your own quotes.
How does depreciation compare between EVs and gas cars?
Early EVs depreciated fast, but popular models with proven batteries now hold value competitively. Because this calculator compares costs over a fixed ownership period rather than resale value, depreciation affects both cars similarly — the operating-cost gap is what decides the winner.
How many miles per year make an EV worth it?
There is no single threshold, but the more you drive, the faster an EV pays off. At 12,000 miles a year most EVs break even in 2 to 5 years; at 20,000 miles a year it can be under 2 years. Try different mileage figures above to see your own break-even point move.
Are EV maintenance costs really lower?
Yes. With no oil changes, spark plugs, timing belts or exhaust systems — and regenerative braking that spares the brake pads — EVs need far less routine service. Expect tires, cabin filters, wiper blades and coolant checks to dominate the maintenance schedule.
Does charging at home vs public chargers change the result?
A lot. Home charging at residential rates (around $0.17/kWh nationally) is the cheapest way to run an EV. Relying on public DC fast chargers at $0.40 to $0.60/kWh narrows the fuel advantage. Enter a blended electricity rate above that reflects your real charging mix.