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Electric Vehicle Cost Calculator

Compare the total cost of ownership between electric and gas vehicles

Cost Comparison
Total cost of ownership over 7 years
Electric Vehicle$30,194$0.36/mile
Gas Vehicle$37,361$0.44/mile
Savings with EV:+7,167
Break-even point:6.8 years
EV
Gas
Cost Breakdown
See where your money goes
Initial Cost (after incentives)$38,500
Electricity Costs$3,600
Maintenance$2,520
Resale Value (Subtracted)-$14,426

Electric Vehicle

$45,000
300 mi
3.5 mi/kWh
$7,500

Gas Vehicle

$30,000
30 mpg

About This Calculator

Electric vehicles (EVs) often have higher upfront costs but lower operating expenses compared to traditional gas vehicles. Our Electric Vehicle Cost Calculator helps you understand the total cost of ownership (TCO) over the vehicle's lifetime:

  • Purchase Price: The initial cost of the vehicle after incentives and rebates.
  • Fuel/Energy Costs: Electricity costs for EVs versus gasoline costs for conventional vehicles.
  • Maintenance: Regular service and repair costs, which are typically lower for EVs.
  • Insurance: Annual insurance premiums, which may differ between EV and gas vehicles.
  • Depreciation: The rate at which the vehicle loses value over time.
  • Tax Benefits: Federal, state, and local incentives for EV ownership.
  • Charging Infrastructure: Home charging equipment installation costs for EVs.

By comparing these factors over your expected ownership period, the calculator provides a comprehensive financial analysis to help you determine whether an electric vehicle is the more economical choice for your situation.

How to Use This Calculator

Enter details about the electric vehicle you're considering, a comparable gas vehicle, your driving habits, local electricity and gas prices, and available incentives. The calculator will generate a detailed cost comparison over your specified ownership period.