Electric vehicles (EVs) continue to gain popularity as battery technology improves and charging networks expand. Many drivers wonder whether an EV will actually save money compared with a conventional gas-powered car. The upfront price of an EV is often higher, but electricity typically costs less per mile than gasoline, and maintenance expenses tend to be lower thanks to fewer moving parts. This calculator weighs both purchase price and ongoing operating costs to reveal which option costs less over the long haul.
We start by estimating annual energy expenses. For EVs, that means dividing the miles you drive by the vehicle’s efficiency in miles per kilowatt-hour, then multiplying by your electricity rate. Gasoline vehicles are similar: divide miles by miles per gallon and multiply by the gas price. Maintenance and repair costs are added on top. Finally, we tally purchase price plus years of ownership to see the total lifetime cost for each vehicle. The formulas can be expressed as:
Here and are purchase prices, is annual miles, and are efficiencies, and are energy prices, is annual maintenance cost, and is years of ownership.
Cost isn’t the only reason to consider an EV. Electric vehicles can dramatically reduce tailpipe emissions, lowering your personal carbon footprint. They also offer instant torque and a quieter ride. However, charging infrastructure varies by region, and long trips may require careful planning. Gasoline cars remain convenient for quick refueling and generally cost less upfront. Our calculator focuses on the financial side, but keep your lifestyle and environmental goals in mind.
| Component | EV Service | Gas Service |
|---|---|---|
| Oil Changes | Not Needed | Every 5,000 Miles |
| Brake Wear | Minimal (Regen) | Moderate |
| Cooling System | Battery Coolant Flush | Radiator Flush |
The EV vs Gas Car Cost Calculator summarizes years of expenses in a single comparison. By adjusting the inputs to match your driving habits and energy prices, you can determine whether the higher purchase cost of an electric vehicle pays off. Consider the results alongside incentives, charging availability, and environmental benefits to decide which type of vehicle fits your needs.
Estimate the years required for a home microgrid system to pay for itself. Enter installation costs, battery storage, and annual energy savings.
Find out how much it will cost to board your pet while you're away. Enter nightly rates, extra services, and trip length to estimate total expenses.
Estimate how inflation changes the value of money over time using compound calculations.