Gas vs. Electric Car Calculator

Is an Electric Vehicle Cheaper to Own?

EVs typically cost more upfront but less to operate. Electricity costs roughly 3–4 cents per mile vs. 10–14 cents per mile for gasoline (at typical prices). EVs also have lower maintenance costs — no oil changes, fewer brake jobs (regenerative braking), and fewer moving parts overall. The federal EV tax credit (up to $7,500) and state incentives can significantly reduce the price gap.

The break-even point — when the EV's lower operating costs offset its higher purchase price — typically ranges from 3–8 years depending on your local electricity and gas prices, annual mileage, and the specific models being compared.

Frequently Asked Questions

• How much cheaper is it to charge an EV vs. fill up with gas?
  At $0.13/kWh electricity and a 3.5 mi/kWh efficiency, charging costs about $0.037/mile. At $3.50/gallon and 30 MPG, gas costs $0.117/mile — over 3× more per mile. Annual savings on 15,000 miles: roughly $1,200.
• What EV tax credits are available?
  The federal Clean Vehicle Credit offers up to $7,500 for new EVs and $4,000 for used EVs (subject to income and vehicle price limits). Many states offer additional credits of $1,000–$7,500. Enter these as the price difference adjustment in the calculator.
• What is the true total cost of owning an EV vs. gas car?
  EVs typically cost more upfront but less to operate. Electricity costs per mile are roughly 3–4× lower than gasoline at current prices. EVs also have fewer moving parts, eliminating oil changes, transmission service, and many brake jobs (thanks to regenerative braking). Over 5–7 years of ownership, these savings often offset the higher purchase price entirely, especially with federal tax credits.
• How long does it take to break even on an electric vehicle?
  The break-even point depends on the price premium of the EV, fuel costs, electricity rates, and annual mileage. A typical scenario: an EV priced $5,000 more than a comparable gas vehicle, saving $150/month in fuel and maintenance, breaks even in roughly 33 months. Use this calculator with your specific numbers — fuel price and annual mileage are the biggest variables.

Will an Electric Car Save You Money?

Electric vehicles usually cost more up front but less to run, so the real question is whether the fuel and maintenance savings outweigh the higher purchase price over the time you'll own the car. The answer hinges on three things: how many miles you drive, the gap between your local electricity rate and gas prices, and how long you keep the vehicle. This calculator finds your break-even point — the year at which an EV's lower running costs have repaid its price premium — so you can decide based on your own driving, not national averages.

Worked Example

Suppose a gas car gets 30 mpg with gas at $3.50, and you drive 12,000 miles a year — that's about $1,400 in annual fuel. A comparable EV using 0.3 kWh per mile at $0.15 per kWh costs roughly $540 a year to charge, saving about $860 annually on fuel alone, before counting the EV's typically lower maintenance (no oil changes, fewer moving parts). If the EV costs $6,000 more to buy, those savings repay the premium in roughly seven years — sooner if you drive more, gas is pricier, or you charge cheaply at home overnight.

What Tips the Balance

High-mileage drivers and those with cheap home electricity reach break-even fastest; low-mileage drivers who'd rely on pricier public fast-charging reach it slowest, and may never. Other factors matter too: available tax credits or rebates can shrink the EV's price premium substantially, while EV insurance and tire costs sometimes run higher. Battery degradation and resale value also shape long-term cost. Enter your real mileage, local energy prices, and any incentives above to see whether — and when — going electric pays off for you specifically.

• Are electric cars cheaper to run than gas?
  Generally yes — charging at home usually costs less per mile than gas, and EVs need less routine maintenance. The savings are largest for high-mileage drivers with low home electricity rates.
• How long until an EV pays for itself?
  It depends on mileage, the price gap, and energy costs, but break-even often lands somewhere between five and ten years. Tax incentives and heavy driving can shorten that considerably.
• Does home vs. public charging change the math?
  Significantly. Home charging is usually the cheapest option, while frequent public fast-charging can cost several times more per kWh and push back your break-even point.