Compare total ownership costs of electric versus gas vehicles including purchase price, fuel/charging, maintenance, and tax credits.
Sticker prices are only the start of this comparison. Enter purchase price, efficiency (mpg for the gas car, miles per kWh for the EV), gas and electricity rates, annual mileage, yearly maintenance, and any tax credit, and the calculator returns lifetime and per-year totals for each car, which one is cheaper, and by how much. The figure people most often get wrong is the break-even point: a more expensive EV can still save thousands if you keep it long enough, while at low mileage the opposite is true.
A concrete input and expected output from the current implementation.
Input
Gas: $28,000 price, 30 mpg, $3.50/gal, $1,200/yr maintenance. EV: $40,000 price, 3.5 mi/kWh, $0.15/kWh, $400/yr maintenance, $7,500 tax credit. Both: 12,000 mi/yr, 8-year comparison.
Expected output
Gas car: $48,800 total ($28,000 + $11,200 fuel + $9,600 maintenance), $6,100/yr. EV: $39,814 total ($40,000 - $7,500 credit + $4,114 charging + $3,200 maintenance), $4,977/yr. The EV saves $8,986 over 8 years, about $1,123/yr, and recovers its higher purchase price in roughly 2.7 years.
The EV's running costs come to $914 a year against the gas car's $2,600, a $1,686 yearly saving that totals $13,486 over eight years. The EV still costs $4,500 more upfront after the credit ($32,500 versus $28,000), so the net saving is $13,486 minus $4,500, or $8,986, and the $4,500 gap is repaid after about 2.7 years.
Fuel and charging are converted from your inputs: annual miles divided by efficiency (mpg or miles per kWh) gives gallons or kilowatt-hours consumed, multiplied by the gas or electricity rate for a yearly cost. Purchase price is counted once, maintenance yearly, and any tax credit subtracts from the EV's price. Everything is summed to lifetime and per-year totals.
The two cars are placed side by side: total cost for each, which is cheaper, and the annual saving. The break-even figure shows how long the EV's lower running costs take to repay any price premium. Because mileage, fuel, and electricity rates are all inputs, the winner can flip: an EV that wins at 15,000 miles a year at $0.12/kWh can lose at 6,000 miles and $0.35/kWh.
Enter what you expect to actually pay out the door, including fees, because the comparison is only as good as the starting prices. Treat the tax credit as separate: it generally arrives with your tax return unless you transfer it to the dealer at the point of sale, so it does not automatically reduce the monthly payment.
Not necessarily. Break-even depends on miles driven and the ratio of gas price to electricity rate. At 6,000 miles a year with $0.35/kWh power and cheap gas, the EV's fuel savings can shrink below the cost of its higher price. Re-run the tool with your actual numbers; low mileage and high electricity are the two inputs that flip the result.
The example and behavioral notes were checked against the browser implementation. Standards and primary references below define the relevant format, formula, or platform behavior.
Calculate gross, operating, and net profit margins from cost and revenue with breakeven analysis.
Convert between annual salary and hourly rate with adjustments for work hours, overtime, and benefits.
Calculate sales tax amounts, tax-inclusive and tax-exclusive prices for any tax rate or jurisdiction.
Calculate return on investment from initial cost and final value with annualized ROI and comparison tables.
Convert between markup and margin percentages, calculate selling price, and compare pricing strategies.
Convert numeric amounts to written words for invoices, checks, and legal documents in multiple currencies.