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Gas vs Electric Vehicle Savings Calculator – Total Cost of Ownership

Auto Finance calculator comparison electric EV gas savings
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⚡ Gas vs Electric Vehicle Savings Calculator

Compare Total Cost of Ownership (TCO) — fuel, maintenance, insurance, tax credits & more

U.S. avg: ~13,500 mi/yr
5 years
%
lbs/kWh
U.S. avg: 0.86 lbs/kWh
GAS Gas Vehicle
$
MPG
Typical: 25–35 MPG
$ /gal
U.S. avg: ~$3.50/gal
$
Oil changes, brakes, etc.
$
EV Electric Vehicle
$
mi/kWh
Typical: 3.0–4.5 mi/kWh
$ /kWh
U.S. avg: ~$0.14/kWh
$
Fewer moving parts
$
$
Federal + state incentives
💰 Total Savings
$6,600
over 5 years
⏱️ Payback Period
1.9 yrs
EV breaks even
⚡ Annual Fuel Savings
$1,020
per year on energy
🌍 CO₂ Reduction
5,451 lbs
per year (~114 trees)
Cumulative Cost Comparison
Gas Vehicle Electric Vehicle Break-even Point
Annual Cost Breakdown
Year Gas EV Saved
%
0% = no inflation adjustment
Frequently Asked Questions
TCO includes the purchase price (adjusted for sales tax and EV tax credits), plus all annual operating costs: fuel or electricity, routine maintenance, insurance premiums, and optionally depreciation. This calculator sums all costs over your chosen ownership period to give a true apples-to-apples comparison between gas and electric vehicles. Unlike simple "fuel cost" comparisons, TCO reveals the full financial picture.
In most cases, yes. Despite higher upfront costs, EVs typically save drivers $6,000–$12,000+ over 5–7 years thanks to lower fuel/energy costs (electricity is cheaper per mile than gasoline) and reduced maintenance (no oil changes, fewer brake replacements, fewer moving parts). Federal tax credits of up to $7,500 further narrow the price gap. However, savings depend heavily on your local electricity rates, gas prices, and annual mileage.
The payback period — when cumulative EV savings offset the higher purchase price — typically ranges from 1.5 to 4 years for popular models. Factors that shorten payback: high annual mileage, expensive local gasoline, cheap electricity, and generous tax incentives. Some EVs with aggressive pricing and full tax credits can pay back in under 2 years.
EVs have far fewer moving parts than internal combustion engine vehicles. No oil changes, no spark plugs, no timing belts, no exhaust systems, no fuel filters, and regenerative braking reduces brake wear. The main maintenance items are tire rotations, cabin air filters, and eventually battery coolant. Studies by AAA and Consumer Reports show EV maintenance costs are typically 40–50% lower than comparable gas vehicles.
Modern EV batteries are designed to last 200,000–300,000+ miles with only modest degradation (typically 10–20% capacity loss over 10+ years). Most manufacturers offer battery warranties of 8 years / 100,000 miles. For typical ownership periods (5–8 years), battery replacement is rarely needed. If a replacement is eventually required, costs have fallen dramatically — from ~$1,200/kWh in 2010 to ~$130/kWh in 2024 — and continue to decline.
A typical driver switching from a 28 MPG gasoline car to an efficient EV can reduce CO₂ emissions by 4,000–7,000 lbs per year (2–3.5 metric tons). This is equivalent to planting 80–140 mature trees annually. Even accounting for electricity generation emissions, EVs are cleaner in virtually every region. As the electrical grid incorporates more renewables, EV emissions continue to decrease over time — unlike gas vehicles, which get dirtier with age.
In the United States, the federal EV tax credit offers up to $7,500 for qualifying new electric vehicles (subject to income limits and vehicle assembly/battery sourcing requirements). Many states offer additional incentives — such as rebates, reduced registration fees, HOV lane access, and utility company discounts on home charging equipment. Some states provide up to $2,000–$5,000 in additional point-of-sale rebates. Always check current eligibility at fueleconomy.gov.
Energy costs are the single largest variable in TCO comparisons. At U.S. averages ($3.50/gal gas, $0.14/kWh electricity), an EV costs about 3–4× less per mile for energy. However, in regions with expensive electricity (e.g., California at ~$0.30/kWh) and cheap gas, the advantage narrows. Conversely, with cheap off-peak EV charging rates (as low as $0.03–0.05/kWh in some areas), savings can be dramatic. Use the sliders above to model your local rates.
Yes — resale value (or depreciation) significantly impacts long-term TCO. Historically, EVs depreciated faster than gas cars due to rapid technology improvements and tax credit effects on used prices. However, this trend is shifting as EV demand grows and battery longevity proves excellent. Some EVs (e.g., Tesla Model 3, Ford F-150 Lightning) now hold value comparably to gas counterparts. Enable the "Include Depreciation" option in Advanced Settings to model this factor.
Significantly. Home charging typically costs $0.10–0.15/kWh (residential rates), while public DC fast chargers can cost $0.30–0.60/kWh — comparable to gasoline on a per-mile basis. This calculator uses your input electricity price; if you rely primarily on public fast charging, adjust the electricity price upward accordingly. For the most accurate TCO, enter a blended rate based on your expected home/public charging mix (e.g., 80% home at $0.14 + 20% public at $0.45 = ~$0.20/kWh blended).
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