Is an Electric Car Cheaper to Own Than a Gas Car?
Which is actually cheaper to own — EV or gas?
⚡ Electric Vehicle
⚙️ Shared Assumptions
⛽ Gas Vehicle
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The electric vs. gas comparison looks simple on the surface — EVs cost more upfront but less to fuel — but the real answer requires modeling all seven cost components side by side: purchase price (after credits), financing cost, depreciation, insurance, fuel, maintenance, and resale value. When all seven are included, the winner depends heavily on your specific situation. The Electric vs Gas Car Cost Calculator runs a full side-by-side comparison across your chosen time horizon, showing total cost of ownership for both vehicles year by year. It models the federal EV tax credit, your local electricity and gas prices, each vehicle's real-world efficiency, insurance differences, and the maintenance savings from eliminating oil changes, transmission service, and reducing brake wear through regenerative braking. The output is a clear winner determination with a dollar-figure advantage, year-by-year cost chart, and a scenario comparison showing how the result changes at different gas prices, mileage levels, and electricity rates. This is the decision tool for anyone seriously comparing a specific EV against its gas equivalent — with their actual numbers, not national averages.
- ·EV efficiency: set by user (default 3.5 miles/kWh for average mainstream EV)
- ·Depreciation: user-adjustable for both vehicles; defaults use vehicle-type averages
- ·Maintenance: EV default $400/year vs gas default $1,100/year (no oil changes, reduced brake wear)
- ·Federal EV tax credit applied to EV purchase price if eligibility is indicated
- ·Charging costs based on home electricity rate; public charging modeled as a separate supplement if entered
- →You're comparing a specific EV model against a comparable gas vehicle and want real total-cost numbers
- →You want to see how different gas prices and electricity rates change which car wins
- →You want to model three mileage scenarios to see where the crossover is
- →You're deciding between a hybrid and a full EV and want both compared to a gas baseline
- →You want to factor in the federal tax credit and understand the net effective price premium
- →You're deciding on a 3-year vs 5-year vs 7-year ownership and want to see how the winner changes
Daniel compares a $45,000 Chevy Equinox EV against a $32,000 Chevy Equinox gas model. After the $7,500 federal credit, the EV net price is $37,500 — a $5,500 premium. Daniel drives 14,000 miles/year, pays $0.13/kWh and $3.50/gallon gas. 5-year total: EV $54,200 vs gas $61,800. Gas car costs $7,600 more over 5 years. EV wins in year 3. Annual maintenance saving: $750.
- ✕Comparing sticker prices without applying the federal tax credit to the EV
- ✕Using public fast-charging rates for all EV charging — most charging is done at home at much lower cost
- ✕Ignoring the $600–900/year maintenance advantage of EVs
- ✕Assuming EVs always depreciate faster — recent mainstream EVs are comparable to gas models
Which has lower total cost of ownership — EV or gas?
It depends on your mileage, local energy prices, and ownership period. At 15,000 miles/year with average US energy prices, a mainstream EV is typically cheaper than its gas equivalent by years 3–5 when the federal credit is available. At low mileage (under 8,000 miles/year), gas often wins on 5-year total cost because fuel savings are too small to overcome the EV price premium. The calculator gives you the specific answer for your situation.
How much cheaper is electricity vs. gas for the same miles?
At average US prices ($0.16/kWh electricity, $3.50/gallon gas), an EV traveling 12,000 miles/year costs approximately $550 in electricity versus $1,750 in gas for a 30 MPG car — saving roughly $1,200/year. This ratio improves significantly in states with cheap electricity (Texas, Pacific Northwest) and worsens in states with expensive electricity (Hawaii, California) or with heavy public charging use. The calculator models your specific rates for accurate fuel savings.
Do EVs depreciate faster or slower than gas cars?
This varies significantly by make, model, and battery technology generation. Early EVs (2018–2021) often depreciated faster than comparable gas vehicles as newer models with better range arrived. Recent mainstream EVs (2022+) are depreciating more comparably to gas vehicles. Tesla models have shown mixed depreciation depending on the year. Luxury EVs often depreciate faster. The calculator uses adjustable depreciation rates for both vehicles so you can model the specific vehicles you're comparing.
Does insurance cost more for an EV?
Generally yes — by 15–25% on average for comparable vehicles. EVs have higher repair costs due to expensive battery components, specialized technicians, and complex electronics. A Model 3 typically costs $200–400/year more to insure than a comparable Camry. However, insurance costs are converging as insurers develop better EV pricing models and repair networks improve. The calculator includes an insurance premium adjustment field for accurate comparison.
What happens to the comparison at very high gas prices?
High gas prices accelerate the EV break-even significantly. At $4.50/gallon vs. $3.00/gallon, the EV fuel savings increase by 50%, which can reduce break-even from year 5 to year 3. The calculator includes a scenario comparison showing the result at low ($2.75), medium ($3.50), and high ($4.50) gas prices, giving you a sense of how robust the EV economics are across likely price ranges.