How Total Cost Is Calculated
EV effective price = purchase price minus federal tax credit. Annual fuel cost = (miles / efficiency) x rate. Annual maintenance = miles x $0.03/mile (EV) or $0.06/mile (gas). Total = effective price + (fuel + maintenance) x years. The savings figure shows the difference over the full comparison period.
Frequently Asked Questions
Charging cost depends on your electricity rate and the vehicle's efficiency. The formula is: cost per mile = electricity rate ($/kWh) / vehicle efficiency (miles/kWh). At $0.13/kWh and 4 miles/kWh efficiency, charging costs about $0.033/mile, compared to a gas car at 30 MPG and $3.50/gallon = $0.117/mile.
EVs have far fewer moving parts than internal combustion engines, eliminating oil changes, transmission service, spark plugs, and many other maintenance items. According to Consumer Reports, EV owners spend about half as much on maintenance and repairs as gas vehicle owners. This calculator uses $0.06/mile for gas vehicle maintenance and $0.03/mile for EVs as approximate averages.
The Inflation Reduction Act provides up to $7,500 in federal tax credits for new qualifying EVs (income limits apply), and up to $4,000 for qualifying used EVs. Credits are applied at purchase point of sale as of 2024. State incentives vary and can add additional savings. Always verify eligibility at fueleconomy.gov.
Break-even time depends on the price premium of the EV over a comparable gas vehicle, fuel and maintenance savings, and any incentives. With a $7,500 tax credit and $1,500/year in fuel savings, a $5,000 premium could break even in about 2 years. Higher gas prices, more miles driven, and lower electricity rates all shorten the payback period.
Most modern EVs offer 200-350 miles of range per charge. The EPA provides standardized range estimates for all EVs at fueleconomy.gov. Real-world range varies with temperature, speed, AC/heat use, and driving style. Cold weather (below 32°F) can reduce range by 20-40%.
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