EV Savings Calculator

Electric vehicles (EVs) have a higher upfront cost than comparable gas vehicles but significantly lower operating costs. This calculator quantifies the exact break-even point and total savings over your expected ownership period, making the comparison concrete and personalized.

The two main EV operating cost advantages: fuel and maintenance. Electricity is cheaper per mile than gasoline almost everywhere in the United States. At average US prices ($3.50/gallon gas, $0.13/kWh electricity): a 28 MPG gas car costs $0.125/mile. A 4 mi/kWh EV costs $0.033/mile — about 73% cheaper per mile. At 12,000 miles/year, that's roughly $1,100/year in fuel savings.

Maintenance savings are often overlooked: EVs have no oil changes, fewer brake jobs (regenerative braking handles most braking), no transmission service, no spark plugs, and fewer moving parts overall. Average annual maintenance savings versus a comparable gas vehicle: $800–$1,500.

Home charging vs. public charging: charging at home (typically $0.10–$0.15/kWh) is 3–5× cheaper than public DC fast charging ($0.30–$0.60/kWh). If you don't have home charging access, the fuel cost advantage narrows substantially. EV economics work best for people who can charge at home overnight.

Federal tax incentives: the Inflation Reduction Act (2022) offers up to $7,500 federal tax credit for qualifying new EVs and up to $4,000 for qualifying used EVs. Eligibility depends on your income, vehicle MSRP, and US assembly/battery sourcing requirements. Check fueleconomy.gov for the current qualifying vehicle list.

Battery longevity: modern EV batteries retain 70–80% capacity after 150,000–200,000 miles for most manufacturers. Most EV batteries come with 8-year/100,000-mile manufacturer warranties on capacity. The feared "battery replacement" cost of $10,000–$20,000 is typically a decade-plus away and covered by warranty for most owners.