Total Cost of Ownership Calculator
Compare the total cost of owning an electric vehicle versus a gas vehicle over time, including purchase price, fuel, maintenance, and more. Check out the available EV incentives to see how much you can save on your purchase.
5-Year Cost Comparison
Electric Vehicle
Note: Maximum credit of $7,500 for new EVs is subject to income limits and vehicle price caps. Up to $4,000 for used EVs.
Find your vehicle's MPGe at fueleconomy.gov
Find your local electricity rate at EnergySage
Gas Vehicle
Common Assumptions
Detailed Cost Breakdown
About This Calculator
This calculator helps you compare the total cost of owning an electric vehicle versus a gas vehicle over a 5-year period.
The calculator includes purchase price, fuel costs, maintenance expenses, insurance premiums, and depreciation to provide a comprehensive cost comparison.
Key Cost Factors
- Purchase Price: EVs often have a higher upfront cost
- Fuel Costs: EVs are typically cheaper to fuel than gas vehicles
- Maintenance: EVs have fewer moving parts, reducing maintenance costs
- Depreciation: EVs may depreciate more slowly than gas vehicles
Frequently Asked Questions
What are the main factors affecting TCO?
The main factors affecting total cost of ownership include the initial purchase price, fuel costs (electricity vs. gasoline), maintenance and repair expenses, insurance costs, and depreciation. Tax credits and incentives can also significantly reduce the TCO of electric vehicles.
How do maintenance costs compare?
Electric vehicles typically have lower maintenance costs than gas vehicles due to fewer moving parts, no oil changes, and regenerative braking (which reduces wear on brake pads). According to Consumer Reports, EV owners spend about half as much on maintenance and repair compared to gas vehicle owners.
What are the tax implications?
The federal government offers a tax credit of up to $7,500 for qualifying new electric vehicles. Many states and local governments also offer additional incentives such as rebates, tax credits, and reduced registration fees. These incentives can significantly reduce the upfront cost of purchasing an EV.