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Electric Vehicle Calculator

Enter vehicle prices, fuel costs, and driving habits to compare the total 5-year cost of an EV vs. a gas car.

Updated June 2026 · Editorial standards

Vehicle Comparison

$
$
$
$/kWh
mi/kWh
$/gal
MPG
mi
yrs
Savings (EV vs Gas)
$4,434
EV Total Cost
$41,066
Gas Car Total Cost
$45,500
Break-Even
2.9 years

Over 8 years, EV fuel costs $446/yr vs $1,313/yr for gas. Total: EV = $41,066 vs gas = $45,500. EV saves $4,434.Break-even: 2.9 years. CO₂ saved over 8 years: 68,161 lbs vs average US gas car. Does not include maintenance savings (~$900/yr for EVs) or home charger installation.

By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the electric vehicle calculator — ev vs gas total cost of ownership?

In short

EVs typically cost $5,000–$15,000 more upfront than comparable gas cars but save $1,000–$2,000/year in fuel costs. The federal EV tax credit (up to $7,500 for new vehicles) reduces the premium. Most EV owners break even vs. gas cars in 3–7 years. Over 10 years, total savings are often $10,000–$30,000.

Compares total cost of ownership between an electric vehicle and a gas car over your ownership period, including purchase price, tax credits, fuel costs, and break-even analysis.

How to use this calculator

  1. 1Enter EV purchase price and gas car purchase price.
  2. 2Enter federal EV tax credit (up to $7,500 for new vehicles in 2024).
  3. 3Enter electricity cost ($/kWh) and EV efficiency (miles per kWh, typically 3–4).
  4. 4Enter gas price ($/gallon) and gas car fuel economy (MPG).
  5. 5Enter annual miles driven and years of ownership.

The formula

EV total=(EV price−credit)+elec. cost×years
break-even=EV price−credit−gas priceannual fuel savings
EV Total = (EV Price − Credit) + F_ev × Years; ICE Total = ICE Price + F_ice × Years; Savings = ICE − EV
EV
— EV total cost
ICE
— Gas car total cost
F_ev
— Annual EV fuel cost
F_ice
— Annual gas fuel cost

Worked example

The scenario

$45K EV with $7,500 credit vs $35K gas car, 12,000 miles/year, $0.13/kWh, 3.5 mi/kWh, $3.50 gas, 32 MPG, 8 years.

gives

The result

EV fuel = $514/year. Gas fuel = $1,313/year. EV total = $41,612. Gas total = $45,504. EV saves $3,892 over 8 years.

Common use cases

  • Decide whether an EV makes financial sense for your driving habits.
  • Compare specific EV and gas car models total cost.
  • Evaluate the financial impact of home charging installation.
  • Factor in tax credits and incentives for your state.

Limitations & assumptions

  • Does not include maintenance costs (EVs typically cost $900/year less to maintain than gas cars).
  • Home charger installation ($500–$2,000) and potential higher insurance costs are not included.
  • Battery replacement (rare but $8K–$20K) not factored in.
  • Electricity and gas prices are volatile and will vary over your ownership period.

Frequently asked questions

The Inflation Reduction Act (2022) restructured the credit. New EVs: up to $7,500, with income limits ($150K single, $300K joint) and MSRP caps ($55K cars, $80K trucks/SUVs). Used EVs: up to $4,000 credit (30% of price), income limits ($75K single, $150K joint). Check fueleconomy.gov for eligible vehicles.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.