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Electric vs. gas car: which costs less?

Enter how much you drive, both car prices, efficiency, electricity rates and gas prices. The calculator adds up every cost of owning each car and shows the cost per mile, the payback and the year the EV breaks even.

Educational simulation. Not investment advice. Results are estimates based on the data you enter and do not replace advice from a qualified professional.

Reviewed on Nov 1, 2026

Example: a $40,000 EV vs. a $33,000 gas car, 13,500 miles a year for 8 years.

Your driving
Electric
Gas car
Money

Energy and fuel prices held constant, in today’s money. Some states add a yearly EV fee; include it in registration and taxes.

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Total cost over the period, by item

Sum of all years: energy or fuel, maintenance, insurance, taxes, depreciation and opportunity cost.

Tap the chart to see the values.

Cumulative cost year by year

Total cumulative cost of each car, as if you sold it that year.

Tap the chart to see the values.

EV savings by annual mileage

Total cost difference over the period (gas − EV) at other annual mileages.

Tap the chart to see the values.

Year by year

Each year’s cost (running costs, taxes, depreciation and opportunity cost) and the running total.

Next step

Take this page’s results to another calculator with the fields already filled in.

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The summary lists your inputs, results, formulas, assumptions and sources. The full report also includes the charts and interpretations, in color. In the print dialog, choose Save as PDF.

Method, assumptions and sources

Formulas

EV energy per year = miles ÷ 100 × kWh/100 mi × [home rate × (1 − public share) + public rate × public share]
Gas per year = miles ÷ mpg × price per gallon
Year t: value V_t = price × (1 − depreciation)^t; cost = energy + maintenance + insurance + taxes × V_(t−1) + (V_(t−1) − V_t) + real return × V_(t−1)
Cost per mile = total cost ÷ (miles a year × years); simple payback = price gap ÷ difference in year-1 running cost; break-even = year when cumulative costs match (linear interpolation)

Assumptions and limits

  • Energy, fuel, insurance and maintenance costs held constant in today’s money (no inflation). Geometric depreciation; the car is sold at its residual value at the end. No financing, battery replacement, home charger or incentives unless you adjust the price; taxes at the rate you enter.

Official sources and references

Frequently asked questions

What is this calculator for?

It compares the total cost of owning an EV and a gas car for as long as you plan to keep it: energy or fuel, maintenance, insurance, registration and taxes, depreciation and the cost of the money tied up in the car.

How do I read the example result?

Driving 13,500 miles a year for 8 years, the $40,000 EV costs $61,360 ($0.57 a mile) and the $33,000 gas car costs $62,655 ($0.58 a mile). The EV comes out $1,295 cheaper; by the simple math, the $7,000 price gap pays back in 6.7 years.

What is the difference between payback and break-even?

Simple payback divides the price gap by the yearly savings on energy, maintenance, insurance and taxes (6.7 years in the example). Break-even also adds depreciation and opportunity cost, year by year, and shows when total cumulative cost evens out (6.2 years).

Where do I find EV efficiency?

On fueleconomy.gov, which lists kWh/100 mi for every EV, or on the window sticker. Compact EVs use about 25 to 30 kWh/100 mi. Your electricity rate is on your utility bill; divide the total by the kWh used to include fees.

Are there tax credits or EV fees?

Purchase incentives and yearly EV registration fees vary by state and change often. To include an incentive, lower the EV price; to include a yearly EV fee, raise the registration and taxes rate.

Why does depreciation weigh so much?

Because it is charged on the car’s price: at 14% a year, the example EV loses about $28,000 in 8 years, more than its energy, insurance and maintenance costs combined. Check used-car prices for the models you are considering to adjust the rate.

When is an EV not worth it?

When you drive little, when most charging happens at expensive public fast chargers or when the price gap is large. The mileage chart shows the annual mileage at which the EV starts to pay off with your numbers.

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Is an EV worth it? How to compare it with a gas car

An EV spends far less on energy and maintenance, but it usually costs more to buy and can lose value faster. To know whether it pays off, add up every cost of owning each car for as long as you plan to keep it.

Electricity vs. gas

A compact EV uses about 30 kWh to drive 100 miles. At $0.17 per kWh at home and 20% of charging at public fast chargers for $0.45, a mile costs about $0.07. A gas car rated at 30 mpg with gas at $3.40 a gallon spends $0.11 a mile. At 13,500 miles a year, that is $915 against $1,530.

Costs you do not see at the pump

Depreciation is the largest cost of a new car: at 14% a year, a $40,000 EV loses about $28,000 in 8 years. Add insurance (often higher for EVs), registration and taxes (some states charge a yearly EV fee) and the opportunity cost of the money tied up in the car.

The example result

Over 8 years, the EV costs $61,360 ($0.57 a mile) and the gas car $62,655 ($0.58 a mile): the EV comes out $1,295 cheaper. The $7,000 price gap pays back in 6.7 years by the simple math, and total cumulative cost breaks even at 6.2 years.

The more you drive, the more you save

EV savings come from use. Low-mileage drivers barely benefit; high-mileage drivers, such as rideshare drivers, recover the price gap much faster. Try your mileage in the sensitivity chart.