EV vs Gas Car Total Cost of Ownership Comparator

Compare the 5-year and 10-year total cost of owning an electric vehicle vs a gas car including purchase price, fuel, insurance, maintenance, and depreciation.

Mathematical Audit

EV vs Gas TCO Formula

Total Cost of Ownership (TCO) sums all out-of-pocket costs over 5 or 10 years for both vehicles, then subtracts estimated resale values.

Annual EV Fuel Cost = (Annual Miles ÷ 100) × kWh per 100mi × Electricity Rate ($/kWh)
Annual Gas Fuel Cost = (Annual Miles ÷ Gas MPG) × Gas Price per Gallon
Monthly Loan Payment = P × [r(1+r)^n] / [(1+r)^n − 1]
TCO (N years) = Down Payment + (Monthly Payment × 12N) + (Annual Fuel × N) + (Annual Insurance × N) + (Annual Maintenance × N) − Resale Value + Charging Setup Cost
EV Net TCO = EV TCO − Federal Tax Credit
Total Savings = Gas TCO − EV Net TCO

The federal EV tax credit is up to $7,500 for new EVs meeting IRS qualifications under the Inflation Reduction Act (2024). Electricity rates, gas prices, and insurance premiums are key variables that significantly affect the comparison.

Operational Guide

How to Use the EV vs Gas TCO Comparator

1

Enter EV details

Input the EV purchase price, federal tax credit, down payment, loan rate, and efficiency in kWh per 100 miles. Enter your local electricity rate (average US rate: $0.16/kWh in 2024).

2

Enter gas car details

Enter the gas car price, down payment, loan rate, MPG, and local gas price per gallon.

3

Enter shared assumptions

Input annual miles driven, annual insurance for each vehicle, annual maintenance for each, and loan term.

4

Set the comparison period

Choose 5 years or 10 years. Enter estimated resale values for both vehicles at the end of the period.

5

Click Compare

See the total cost of each vehicle over the selected period and the net savings from the cheaper option.

Real-World Scenario Example

"Comparing a $45,000 EV (with $7,500 tax credit, 28 kWh/100mi, $0.16/kWh electricity) vs a $35,000 gas car (32 MPG, $3.50/gal gas). Both financed at 7% APR for 60 months, 15,000 miles/year over 5 years."

Inputs

evPrice:45000
evTaxCredit:7500
evDownPayment:5000
evLoanRate:7
evLoanTermMonths:60
evKwhPer100mi:28
electricityRate:0.16
evAnnualInsurance:2100
evAnnualMaintenance:600
gasPrice:35000
gasDownPayment:5000
gasLoanRate:7
gasLoanTermMonths:60
gasMpg:32
gasPricePerGallon:3.5
gasAnnualInsurance:1800
gasAnnualMaintenance:1400
annualMiles:15000
comparisonYears:5
evResalePercent:50
gasResalePercent:45
chargingSetupCost:1000

Result

EV 5-year net TCO ≈ $38,200 vs Gas 5-year TCO ≈ $40,900 — the EV saves approximately $2,700 over 5 years once fuel savings and the tax credit are factored in.

Important Disclaimer

This calculator provides estimates based on user inputs and national averages. Actual costs depend on local electricity and gas prices, your specific vehicles, insurance market, and driving behavior. Tax credit eligibility depends on IRS rules and your tax situation.

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Sources & References

Electric Vehicle Benefits and Considerations — U.S. Department of Energy

https://afdc.energy.gov/fuels/electricity-benefits

Credits for New Clean Vehicles Purchased in 2023 or After — IRS

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after