EV vs Gas Total Cost of Ownership Calculator

The sticker-price difference between an EV and a gas car tells you very little. Over 5 years, fuel, maintenance, insurance, depreciation, and the federal EV credit can flip the math entirely. Plug in real numbers to see which actually costs less to own.

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Why EV vs Gas Total Cost of Ownership Matters

Sticker price is the wrong number to compare. Over 5 years, fuel cost, maintenance, insurance, depreciation, and tax credits can shift a $10,000 sticker gap by $15,000-$25,000 in either direction. This calculator runs the actual TCO math so you can stop arguing about sticker price.

The TCO Formula

5-Year TCO = Depreciation + (Fuel + Maintenance + Insurance) × Years

Depreciation is calculated on the net purchase price (sticker minus federal/state EV credit for the EV side). Maintenance defaults to $0.04/mi for EVs (tires, brake fluid) and $0.09/mi for gas (oil, brakes, transmission, exhaust).

Why This Matters in 2026

  • Federal credit shifts: The IRA $7,500 credit has new battery-sourcing and income-cap rules as of 2025-2026. Verify your model qualifies via fueleconomy.gov.
  • EV insurance premium: Insurance for EVs runs 10-15% higher on average due to repair cost and parts availability.
  • Depreciation gap closing: EV depreciation was brutal in 2023-2024 but has normalized, Teslas now hold value comparably to mid-range gas cars.
  • Electricity vs gas spread: Average US home charging is $0.04-$0.06/mi vs gas at $0.12-$0.16/mi, a 2-3x operating cost advantage.

How to Use This Calculator

  1. Enter the EV and gas car prices you're actually comparing, same trim level if possible.
  2. Miles per year: average US is 13,500. Heavy commuters hit 18,000-25,000.
  3. EV cost per mile: $0.04-$0.06 for home charging, $0.10-$0.15 for DC fast charging dependence.
  4. Gas MPG and price: use your honest mix of city/highway and your local pump price.
  5. EV tax credit: check fueleconomy.gov for your specific model. Many models also qualify for $1,000-$4,000 in state credits.
  6. Years of ownership: 5 is typical. Longer ownership tilts toward EV (operating savings compound).

When EV Wins

  • High annual mileage (18,000+), fuel savings dominate.
  • Home charging available, avoids 2-3x markup on DC fast chargers.
  • Federal + state credits stack to $9,000-$12,000+ on your model.
  • Long ownership horizon, operating savings compound past year 5.

When Gas Wins

  • Low annual mileage (under 8,000), fuel savings can't overcome depreciation gap.
  • EV credit doesn't apply (price cap, income cap, or non-qualifying model).
  • Heavy road-trip use far from charging networks.
  • Comparing a luxury EV to a mid-range gas car of different segments.

Frequently Asked Questions

Do EVs really need less maintenance?
Significantly less. No oil changes, no transmission fluid, no spark plugs, no emissions system, no timing belt, no exhaust. EV maintenance is mostly tires (worn faster due to weight), cabin filter, brake fluid every few years, and one-time battery coolant changes. Most independent studies put EV maintenance at 40-60% of comparable gas cars over 5 years.
How accurate is the depreciation assumption?
EV depreciation has stabilized in 2025-2026 after a brutal 2023-2024. Current data shows mainstream EVs (Tesla Model Y, Hyundai Ioniq 5, Ford Mustang Mach-E) depreciating 45-55% over 5 years versus 35-45% for comparable gas cars. The calculator uses 50%/40% as a reasonable midpoint, adjust your expectations down if buying a premium brand with strong residuals.
What about charging infrastructure cost?
A Level 2 home charger costs $400-$1,200 installed (including a $750 federal tax credit for the install). Spread over 5 years that's $150-$200/year, small compared to operating savings. The calculator doesn't include it; add it to the EV price as a one-time cost if you want a strict comparison.
How does this change if I drive 25,000 miles a year?
Fuel savings dominate. At 25,000 miles, an EV at $0.05/mi vs gas at $0.13/mi saves $2,000/year on fuel alone, $10,000 over 5 years just in fuel. Heavy-mileage drivers almost always come out ahead in an EV, even without the tax credit.

Practical Guide for EV vs Gas Total Cost of Ownership Calculator

The number this calculator gives you is only as good as your inputs, and three of them have outsized influence: annual miles, EV fuel cost (which depends on home vs public charging), and depreciation. Get those three honest and the comparison is meaningful.

For depreciation, look at 5-year-old examples of the exact models you're comparing on AutoTrader or Carvana. That's your real residual. For EV fuel cost, multiply your home electric rate (kWh price) by 0.3-0.35 kWh/mi for most EVs, a Model Y at $0.15/kWh and 0.30 kWh/mi is $0.045/mi.

Run two scenarios. Conservative: home charging dominant, credit applies, average mileage. Pessimistic: 30% DC fast charging, no credit applies, low mileage. If both scenarios still favor EV (or both still favor gas), the answer is unambiguous. If they split, the lifestyle factors (charging access, road trips, climate, brand preference) should drive the decision rather than the math.

Review Checklist

  • Verify your specific model qualifies for the federal credit on fueleconomy.gov.
  • Check state and utility incentives, many add $1,000-$4,000 not captured at the federal level.
  • Get an actual insurance quote on both cars, premiums vary 10-30% by model and ZIP.
  • Look at 5-year-old depreciation of the exact models in your local market.