Gas vs Electric Car Running Cost Calculator
Compare annual fuel costs, break-even years, and 10-year total cost between gas and electric vehicles.
Gas Vehicle
Electric Vehicle
Real-World EV Efficiency
EV efficiency drops significantly in cold weather — expect 20–40% range reduction below 20°F as the battery management system uses energy for thermal conditioning. Highway driving at high speeds also reduces efficiency compared to EPA ratings. Most EVs achieve their best efficiency in mild-weather city and suburban driving. Factor in your climate when estimating annual fuel costs.
Home Charging Setup Cost
Level 1 charging (standard 120V outlet) is free to set up but adds only 3–5 miles of range per hour — fine for low-mileage drivers. Level 2 (240V, 7–11 kW) charges 20–30 miles per hour and costs $500–2,000 installed depending on your panel and distance. A licensed electrician and EV-rated outlet is required. Many utilities offer rebates that can offset $200–500 of installation cost.
Federal EV Tax Credit
As of 2024, the Inflation Reduction Act provides up to $7,500 for qualifying new EVs and $4,000 for qualifying used EVs, subject to income limits, vehicle price caps, and domestic battery/assembly requirements. Not all EVs qualify — check the IRS or fueleconomy.gov for the current eligible vehicle list. This credit directly reduces your tax liability (not a refund), so you need sufficient tax liability to use it.
Total Cost of Ownership Beyond Fuel
EVs save approximately $100–150/year on oil changes, and regenerative braking extends brake pad life by 2–3x compared to gas vehicles. However, EVs typically carry higher insurance premiums (5–15% more) due to higher repair costs and parts prices. Battery replacement, while rare within 100,000 miles on modern EVs, can cost $8,000–20,000 if needed. Overall, most EV owners report lower 5-year maintenance costs.