This calculator gives you a full 5-year total cost of ownership (TCO) comparison between a gas car and an EV. Here's how to use it:
Start by selecting a common gas car model from the dropdown (e.g., Honda CR-V, Toyota Camry, Ford F-150). The calculator auto-fills: MPG rating, typical maintenance cost, insurance cost, and depreciation rate for that model. If your car isn't listed, select "Custom" and enter the MPG manually.
Similarly, select an EV model from the dropdown (e.g., Tesla Model 3, Chevy Equinox EV, Ford F-150 Lightning). The calculator auto-fills: MPGe rating, typical maintenance cost, insurance cost, and depreciation rate. For EVs, the maintenance cost is lower but insurance is typically higher.
These values significantly affect the comparison. The calculator auto-fills national averages ($3.94/gallon gas, 18.56¢/kWh electricity), but you should enter your local rates for the most accurate comparison. Select your state from the dropdown to auto-fill state averages.
The average American drives 13,500 miles/year, but your mileage may differ. Drive more than 15,000 miles/year? The EV advantage grows significantly. Drive less than 8,000 miles/year? The gas car might actually be cheaper on a TCO basis because you're not driving enough to offset the EV's higher purchase price.
The results show: (1) Total 5-year cost for the gas car, (2) Total 5-year cost for the EV, (3) Net savings (EV cost minus gas cost), and (4) Break-even year (when the EV's fuel+maintenance savings overcome its higher purchase price).
A proper TCO calculation includes: (1) Purchase price (after incentives), (2) Fuel cost over 5 years, (3) Maintenance cost over 5 years, (4) Insurance cost over 5 years, (5) Depreciation (resale value at year 5), and (6) Financing cost (if applicable).
What TCO does NOT include: Registration fees, parking costs, tolls, and car washes. These are roughly equal for gas and EV, so they don't affect the comparison.
The average EV costs $5,500 more than a comparable gas car in 2026. Examples:
Important: State incentives can eliminate this premium. For example, in California, the Equinox EV's $4,700 premium is erased by the $7,500 CVRP rebate — making the EV $2,800 cheaper than the gas CR-V.
Over 5 years and 67,500 miles (13,500/year):
State variations: In California (gas $5.58/gallon, electricity 32.6¢/kWh), the 5-year fuel savings are $8,100+. In Louisiana (gas $3.12/gallon, electricity 11.9¢/kWh), the savings are only $3,100.
Over 5 years:
Note: EVs wear through tires faster (instant torque, heavier battery). Budget an extra $100-150/year for more frequent tire replacements. Net maintenance savings: ~$1,400 over 5 years.
EV insurance typically costs $150-300 more per year than a comparable gas car. Over 5 years: $750-1,500 additional cost. This partially offsets the fuel and maintenance savings.
Why EVs cost more to insure: (1) Higher repair costs (specialized parts, battery concerns), (2) EVs are more likely to be financed (lenders require comprehensive coverage), (3) EV owners tend to have higher credit scores (correlated with higher coverage levels).
How much your car is worth after 5 years dramatically affects TCO. Examples (Edmunds 2026 resale estimates):
Why some EVs depreciate faster: Rapid technology changes (2026 EVs have 300+ mile range and 20-minute fast charging; 2023 EVs may have only 220 miles and 45-minute charging). Leasing protects you from depreciation risk — return the car at lease-end regardless of resale value.
1. California (EV cheaper by $3,500-5,500 over 5 years): High gas prices ($5.58/gallon) + strong state incentives ($7,500 CVRP) + HOVs lane access (valued at $1,500-3,000/year) = EVs are cheaper even with the purchase premium.
2. Oregon (EV cheaper by $2,800-4,500 over 5 years): Moderate gas prices ($4.85/gallon) + strong state incentives (up to $12,500) + low electricity rates (14.4¢/kWh) = EVs win convincingly.
3. Washington (EV cheaper by $2,500-4,000 over 5 years): Low electricity rates (11.9¢/kWh from hydropower) + no sales tax on EVs under $45,000 + high gas prices ($4.72/gallon) = EVs are cheaper.
4. New Jersey (EV cheaper by $2,000-3,500 over 5 years): No sales tax on EVs + $5,000 state rebate + moderate gas prices ($3.45/gallon) = EVs win.
5. Colorado (EV cheaper by $1,800-3,000 over 5 years): $5,000 state tax credit (refundable) + moderate gas prices ($3.65/gallon) + low electricity rates (14.5¢/kWh) = EVs are cheaper.
1. Louisiana (Gas cheaper by $800-1,500 over 5 years): Low gas prices ($3.12/gallon) + no state EV incentives + moderate electricity rates (11.9¢/kWh) = gas cars are cheaper.
2. Mississippi (Gas cheaper by $700-1,200 over 5 years): Very low gas prices ($3.05/gallon) + no state EV incentives + low electricity rates (13.1¢/kWh) = gas cars are cheaper.
3. Alabama (Gas cheaper by $600-1,000 over 5 years): Low gas prices ($3.22/gallon) + no state EV incentives + moderate electricity rates (14.8¢/kWh) = gas cars are slightly cheaper.
4. Texas (EV cheaper by only $200-800 over 5 years — essentially a tie): Moderate gas prices ($3.42/gallon) + limited state incentives + variable electricity rates (10-18¢/kWh depending on utility) = EVs and gas cars are nearly tied on TCO.
Leasing changes the TCO calculation dramatically:
TCO for leasing: Add up all lease payments + insurance + electricity cost over the lease term (typically 3 years). Compare this to the TCO of buying the gas car over the same 3 years. Leasing an EV is often cheaper on a monthly basis even though the EV has a higher MSRP.
If you keep the car for 10+ years (beyond the warranty period), the TCO advantage of EVs grows significantly: