Enter both vehicles below to see the full cost breakdown and break-even month.
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Get Free GuideThe difference between buying an EV and a comparable gas car cannot be measured at the dealership. The sticker price is just the beginning. Add a federal tax credit (up to $7,500 for qualifying EVs), subtract it from your financed amount, then layer in fuel costs that could be 60%–80% lower if you charge at home, maintenance that is roughly 45% cheaper without oil changes and transmission service, and insurance that costs 15%–20% more for EVs due to their expensive electronics. Then factor in that EVs depreciate faster on average — though exceptions like the Tesla Model Y hold value better than most gas SUVs. The real picture only emerges when you add all of these up over five years.
The economics of EV ownership depend enormously on whether you can charge at home. At a national average home electricity rate of $0.14 per kWh, driving 15,000 miles per year in a typical EV costs about $420 in electricity. The same distance in a 28-mpg gas car at $3.50/gallon costs $1,875. That's an $1,100+ annual savings on fuel alone. But if you depend primarily on public Level 3 charging at $0.40–$0.45 per kWh, the math nearly disappears. A public-charging-only EV driver often pays a fuel cost per mile nearly identical to a gas car owner. Home charging is the key variable.
For a buyer who gets the full $7,500 federal credit, charges mostly at home, and drives a typical 15,000 miles per year, the break-even against a comparable gas car often occurs in the first month of ownership simply because the net purchase price is lower after credits. For buyers ineligible for the credit, or those who charge primarily in public, break-even may arrive at month 24–48 depending on driving habits.
Enter the purchase price, down payment, and loan details for both vehicles. Use the presets to quickly model common scenarios — average commuter, high-mileage driver, or apartment dweller relying on public charging. The results show every cost component side by side so you can see exactly where the money goes. Adjust any input to see the impact in real time. All maintenance and insurance estimates are marked as estimates and based on national averages from Consumer Reports and AAA research.