What is Total Cost of Ownership (TCO) for vehicles?

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.

How long does it take for an EV to pay for itself?

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.

What is the federal EV tax credit for 2024?

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.

Are EVs cheaper to maintain than gas cars?

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.

How do I calculate EV charging costs?

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.

Do EVs depreciate faster than gas cars?

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.

Is it cheaper to charge at home or use public chargers?

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.

EV vs Gas TCO Calculator

Vehicle Comparison Calculator

Enter vehicle details to compare total ownership costs

Vehicle Specifications

Vehicle Class

Select the type of vehicles you're comparing

Electric Vehicle (EV)

EV Purchase Price

EV Efficiency (kWh/100mi)

Energy consumption - lower is more efficient

Gas/ICE Vehicle

Gas Vehicle Price

Gas MPG (Combined)

Combined city/highway fuel economy

Driving & Usage

Annual Miles

Average miles driven per year (US avg: 12,000)

Driving Pattern

Charging Access

Home Charging %

Percentage of charging done at home (0-1)

Ownership Period (Years)

How long you plan to own the vehicle

Energy & Fuel Costs

Home Electricity Rate

Your electricity rate in $/kWh

Public DCFC Rate

DC fast charging rate in $/kWh

Gas Price ($/gallon)

Current gas price per gallon

Incentives & Rebates

Apply Federal EV Tax Credit

Federal EV tax credit up to $7,500 (IRC Section 30D)

Federal Credit Amount

Amount of federal credit ($3,750-$7,500 based on battery and sourcing)

State/Local Rebate

Additional state or utility rebates

Include Home Charger

Add Level 2 home charger installation cost

Charger Install Cost

Level 2 EVSE equipment and installation

Financing Options

Financing Method

Down Payment %

Loan APR

Loan Term (Months)

Environmental Impact

Include Environmental Analysis

Calculate CO2 emissions and environmental impact

Frequently Asked Questions

Common questions about this calculator

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EV vs Gas TCO Calculator

Vehicle Specifications

Electric Vehicle (EV)

Gas/ICE Vehicle

Driving & Usage

Energy & Fuel Costs

Incentives & Rebates

Financing Options

Environmental Impact

Frequently Asked Questions

01What is Total Cost of Ownership (TCO) for vehicles?

02How long does it take for an EV to pay for itself?

03What is the federal EV tax credit for 2024?

04Are EVs cheaper to maintain than gas cars?

05How do I calculate EV charging costs?

06Do EVs depreciate faster than gas cars?

07Is it cheaper to charge at home or use public chargers?