How Much Will an EV Save You?
Calculate total savings of an EV vs gas car over 5-10 years. Fuel, maintenance, tax credits, and resale.
EV vs Gas: The Full Picture
EVs cost more upfront ($5,000-15,000 premium) but save significantly on fuel ($800-1,500/year) and maintenance ($500-800/year). With the $7,500 federal tax credit, many EVs reach price parity with comparable gas cars. Over 7-10 years of ownership, the total cost of ownership for EVs is increasingly competitive — and often lower — than gas vehicles.
Where EVs Save
Fuel: $0.03-0.05/mile (EV) vs $0.10-0.15/mile (gas). Maintenance: No oil changes, no transmission fluid, brake pads last 2-3x longer (regenerative braking). Tax credits: $3,750-7,500 federal, plus state incentives ($500-5,000). Insurance: Slightly higher for EVs (5-15%) due to higher repair costs. Depreciation: Narrowing — Tesla models retain value well; other EVs vary.
The total cost of ownership crossover has arrived for many segments. A Tesla Model 3 ($39K - $7.5K credit = $31.5K effective price) costs less to own over 7 years than a Toyota Camry ($30K) when including fuel and maintenance. This was not true even 3 years ago — falling EV prices and rising gas costs drove the shift.
