EV vs Gas TCO Calculator

TCO includes all costs of owning a vehicle over your ownership period: purchase price, fuel/energy costs, maintenance, insurance, depreciation, and any incentives or rebates. It provides a complete financial picture beyond just the sticker price.

The break-even point typically ranges from 3-7 years depending on factors like annual mileage, electricity and gas prices, federal tax credit eligibility, and home charging access. Higher mileage drivers see faster payback due to greater fuel savings.

The federal EV tax credit provides up to $7,500 for qualifying new electric vehicles. The amount depends on battery component and critical mineral sourcing requirements. Some vehicles qualify for the full credit while others may receive $3,750 or none.

Yes, EVs typically cost 50% less to maintain. They have no oil changes, fewer brake replacements (due to regenerative braking), no transmission service, and fewer moving parts. Average EV maintenance is about $0.04/mile vs $0.09/mile for gas vehicles.

EV charging cost = (miles driven / 100) × efficiency (kWh/100mi) × electricity rate ($/kWh). For home charging at $0.14/kWh with an EV using 28 kWh/100 miles, that's about $0.039 per mile vs $0.12/mile for a 30 MPG gas car at $3.50/gallon.

Historically EVs depreciated faster (about 15% per year vs 12% for gas), but the gap is narrowing as battery technology improves and used EV demand increases. Tesla and other popular EVs now hold value better than many gas vehicles.

Home charging is significantly cheaper - typically $0.10-0.20/kWh vs $0.30-0.50/kWh for DC fast charging. Drivers with home charging access can reduce their EV running costs by 50-70% compared to public-only charging.