EV vs Gas Car Cost Calculator
Compare the true 5-year cost of owning an electric vehicle versus a gas car. Enter your numbers to see fuel savings, maintenance differences, federal and state EV incentives, break-even year, and total cost advantage side by side.
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Total savings over the comparison period
EV vs Gas: What Actually Determines the Winner?
The purchase price gap is the biggest factor people fixate on, but it's not the whole story. After the federal $7,500 EV tax credit (and state incentives up to several thousand more), many EVs are within $5,000-$10,000 of comparable gas vehicles. That gap often closes within 2-3 years of fuel and maintenance savings.
Fuel cost savings
Electricity is consistently cheaper per mile than gasoline. At US averages ($3.50/gallon, 16¢/kWh), a gas car getting 25 MPG costs about $0.14/mile in fuel. An EV at 3.5 miles/kWh costs about $0.046/mile. That's a 67% reduction in fuel cost per mile, saving roughly $1,100-$1,500 per year for a typical driver covering 12,000 miles.
Maintenance savings
EVs have no oil changes ($100-$150 per year gone), no timing belt, no transmission fluid, simpler cooling systems, and regenerative braking that extends brake pad life by 2-3x. Consumer Reports estimates EV owners pay about 40% less in maintenance costs over time. Our defaults use AAA and RepairPal data adjusted for EVs.
Insurance difference
EVs typically cost $100-$200 more per year to insure due to higher replacement costs. We default to $1,700/year for EVs vs $1,550 for gas. Your actual rate may differ significantly based on your record, location, and coverage level.
EV incentives available in 2026
The federal EV tax credit (IRS Form 8936) provides up to $7,500 for qualifying new EVs, subject to income and vehicle MSRP caps. Many states add additional rebates of $1,500-$5,000. This calculator applies these automatically when you select your state. Always verify current eligibility at irs.gov and your state DMV.
When EVs are not the better choice
EVs make less financial sense if you: drive fewer than 8,000 miles per year (fuel savings don't compound fast enough), live where electricity is expensive (above 20¢/kWh can reduce savings), rely on public fast-charging exclusively (costs approach gas per mile), or keep vehicles for only 2-3 years before selling.
Frequently Asked Questions
Are electric vehicles cheaper to own than gas cars?
For most buyers driving 10,000+ miles per year, EVs are cheaper to own over 5 years after factoring in fuel, maintenance, and incentives. The break-even point depends on your mileage, local electricity rates, and the specific vehicles being compared.
How much do I save on fuel with an electric car?
A gas car getting 25 MPG driving 12,000 miles/year at $3.50/gallon spends $1,680/year on fuel. An equivalent EV at 3.5 miles/kWh at 15¢/kWh spends $514/year -- a saving of $1,166 per year or $5,830 over five years.
What is the $7,500 EV tax credit?
The federal Clean Vehicle Credit (IRS Form 8936) gives you up to $7,500 off your federal tax bill for a qualifying new EV. Income caps apply: $150,000 for single filers, $300,000 for married filing jointly. Vehicle MSRP must be under $55,000 for cars or $80,000 for SUVs and trucks. Check IRS.gov for current rules.
When does an EV break even vs a gas car?
For a mid-range EV vs comparable gas car, after the federal credit, most 12,000+ mile/year drivers reach break-even in years 2-4. Higher mileage, higher gas prices, and lower electricity rates all shorten the break-even period.
Are electric cars cheaper to maintain?
Yes. No oil changes, no timing belts, simpler braking from regenerative braking. Consumer Reports data shows EV owners pay about 40% less in maintenance. This calculator defaults to $300-$400/year for EVs vs $500-$700 for gas in the first few years.