⚡ EV Savings Calculator
Compare gas vs electric vehicle costs with break-even analysis
How This Calculator Works
Compares 5-year cost of ownership for electric vehicle (EV) vs gas vehicle. EV costs: Higher purchase price, lower fuel costs (electricity at $0.13/kWh vs gas at $3.50/gallon), lower maintenance (no oil changes, fewer brake repairs). Gas car costs: Lower purchase price, higher fuel costs, higher maintenance. Break-even shows when EV savings offset higher upfront cost.
Example Calculation
Example: Tesla Model 3 vs Honda Accord
EV: $45k purchase, 15k miles/year, 4 miles/kWh efficiency, $0.13/kWh = $488/year fuel. Maintenance: $200/year. 5-year total: $48,440
Gas: $32k purchase, 15k miles/year, 30 MPG, $3.50/gallon = $1,750/year fuel. Maintenance: $800/year. 5-year total: $45,750
Result: EV costs $2,690 MORE over 5 years despite fuel savings. Break-even at year 8. BUT: Federal tax credit ($7,500) makes EV cheaper from day one. With credit, EV saves $4,810 over 5 years.
Common Questions
When do EVs make financial sense?
EVs win financially if: (1) You drive 15k+ miles/year (high mileage = more fuel savings), (2) You keep cars 8+ years (amortizes higher upfront cost), (3) You qualify for federal/state tax credits (up to $10k+ in incentives), (4) You have home charging (public charging costs more), (5) Electricity is cheap in your area ($0.10-0.15/kWh). If you drive 10k miles/year and trade cars every 3 years, gas is usually cheaper.
What about battery replacement costs?
Modern EV batteries last 200k-300k miles and are warrantied for 8-10 years. Battery replacement costs $5k-$15k but rarely needed within first 10 years. Battery degradation is 2-3% per year, so a 10-year-old EV retains 70-80% range. This is factored into resale value. Worry about battery life is overblown - it's less of an issue than engine/transmission failures in gas cars at 150k+ miles.