Electric Vehicle Savings vs Gas Calculator - Compare Total Cost of Ownership
Free EV savings calculator to compare total cost of ownership between electric vehicles and gas cars including fuel costs, maintenance, and break-even analysis with instant results.
EV Savings vs Gas Calculator
Results
What is an EV Savings vs Gas Calculator?
An EV savings vs gas calculator is a free tool that compares the total cost of ownership between electric vehicles and gasoline-powered cars. It calculates fuel costs, maintenance expenses, and determines when EV savings offset the higher purchase price.
This calculator helps with:
- Purchase decisions - Determine if an EV saves money long-term
- Break-even analysis - Calculate when savings offset higher upfront costs
- Cost comparison - Compare total ownership costs over time
- Environmental impact - Understand financial and ecological benefits
To estimate driving range and understand how far you can travel on a single charge, check out our Electric Vehicle Range Calculator to plan trips and evaluate range anxiety concerns.
For calculating charging expenses at home and public stations, explore our EV Charging Cost Calculator to understand electricity costs and compare charging options.
To compare efficiency metrics between different vehicles and fuel types, use our Fuel Economy Comparison to evaluate MPGe ratings and real-world efficiency.
How EV Savings Calculation Works
The calculation compares total ownership costs over time:
Components:
- Purchase Price = Initial vehicle cost
- Fuel Costs = Electricity vs gasoline over ownership period
- Maintenance = EV maintenance is 30-50% lower
- Break-even = Years until cumulative savings offset price difference
Key Concepts Explained
Total Cost of Ownership
Includes purchase price, fuel, maintenance, insurance, and depreciation over the vehicle's lifetime. EVs typically have lower TCO despite higher upfront costs.
Break-even Point
The time when cumulative fuel and maintenance savings equal the EV's higher purchase price. Typically 3-6 years for most buyers.
kWh per 100 Miles
EV efficiency metric similar to MPG. Most EVs use 25-35 kWh per 100 miles. Lower numbers mean better efficiency and lower costs.
Maintenance Savings
EVs have no oil changes, fewer brake replacements, and simpler drivetrains. Annual maintenance costs are $400-$800 lower than gas cars.
How to Use This EV Savings Calculator
Enter Vehicle Prices
Input purchase prices for both EV and comparable gas vehicle
Set Driving Habits
Enter annual miles driven and planned ownership duration
Input Energy Costs
Enter local electricity rate and current gas prices
Add Efficiency Data
Enter EV kWh/100mi and gas car MPG from specifications
Calculate Savings
View total savings, break-even point, and cost breakdown
Compare Scenarios
Adjust variables to see how changes affect long-term savings
Benefits of Using This Calculator
- • Informed Decisions: Compare true costs beyond sticker price to make data-driven vehicle purchase decisions.
- • Long-term Planning: Understand total ownership costs over 5-10 years including fuel and maintenance savings.
- • Break-even Analysis: Calculate exactly when EV savings offset higher purchase price for your driving patterns.
- • Fuel Cost Comparison: See real-world fuel cost differences based on your local electricity and gas prices.
- • Environmental Impact: Understand financial benefits while reducing carbon footprint and supporting clean energy.
- • Scenario Testing: Experiment with different gas prices, electricity rates, and driving distances to plan for future changes.
Factors That Affect Your Results
1. Electricity Rates
Rates vary from $0.08-$0.30/kWh by region. Time-of-use plans offer cheaper overnight charging. Home solar can reduce costs to near zero.
2. Driving Patterns
Higher annual mileage accelerates EV savings. Highway driving reduces EV efficiency advantage. City driving maximizes regenerative braking benefits.
3. Incentives and Rebates
Federal tax credits up to $7,500, state rebates, and utility incentives significantly improve EV economics. Check eligibility for your specific vehicle.
4. Charging Infrastructure
Home charging is cheapest. Public DC fast charging costs 2-3x more. Workplace charging may be free or discounted, improving savings.
Frequently Asked Questions (FAQ)
Q: How much money can I save with an electric vehicle?
A: EV savings vary by location and driving habits, but typical owners save $800-$1,500 annually on fuel and $400-$800 on maintenance. Over 5 years, total savings can reach $6,000-$12,000 compared to gas vehicles.
Q: What is the break-even point for buying an EV?
A: Most EV buyers reach break-even in 3-6 years when factoring in fuel savings, maintenance savings, and tax incentives. Higher gas prices and more miles driven reduce the break-even time.
Q: Are electric vehicles cheaper to maintain?
A: Yes, EVs cost 30-50% less to maintain than gas cars. No oil changes, fewer brake replacements due to regenerative braking, and simpler drivetrains mean lower maintenance costs over the vehicle's lifetime.
Q: How much does it cost to charge an electric vehicle?
A: Home charging typically costs $0.10-$0.15 per kWh, resulting in $30-$60 monthly for average drivers. This is 60-70% cheaper than gasoline for equivalent mileage. Public fast charging costs more at $0.25-$0.50 per kWh.
Q: Do federal tax credits affect EV savings?
A: Yes, federal tax credits up to $7,500 significantly improve EV economics. Combined with state incentives, rebates, and lower operating costs, total savings can exceed $15,000 over the vehicle's lifetime.
Q: How does electricity cost compare to gasoline?
A: Electricity costs about one-third of gasoline per mile. At $0.13/kWh and 30 kWh/100 miles, EVs cost $3.90 per 100 miles versus $12-$15 for gas cars at 30 MPG and $3.50/gallon.