EV vs Gas Cost Calculator
Is an electric car actually cheaper than gas? Pick any EV and any gas car and see how the EV’s lower running costs repay its higher price — and the exact year it pays for itself. Adjust for your state and mileage.
The 2026 Tesla Model Y costs $10,690 more to buy, but saves $2,202/yr in running costs — so it repays that premium after about 4 years 10 months, then pulls ahead.
This is the cash to buy and run each car — purchase price plus running costs (energy, maintenance, and tires) — assuming you keep both. Running costs are at U.S. average energy prices, EV charged at home (EV ~$1,148/yr vs gas ~$3,350/yr). For the full picture including depreciation and resale, see the 2026 Tesla Model Y and 2026 Chevrolet Equinox cost-of-ownership pages.
Energy from EIA electricity and AAA gas prices (18¢/kWh U.S. average); maintenance and tires from the cost-of-ownership model. Resale value isn’t counted here (it’s in the cost-of-ownership tool). No federal EV tax credit is applied — it ended in 2025.
How it works
- Each car’s line = its purchase price plus running costs (energy + maintenance + tires) accumulating year by year.
- The EV starts higher — it costs more to buy — but its line rises more slowly because it’s cheaper to run.
- Where the lines cross, the EV’s running-cost savings have repaid its higher price. That’s the payback point.
- Energy uses live EIA electricity and AAA gas prices for your state. Resale/depreciation isn’t counted here (see the cost-of-ownership tool); no federal EV credit (it ended in 2025).
Frequently asked questions
- Is an electric car actually cheaper than a gas car?
- It depends on the two specific cars, how much you drive, and your local energy prices. An EV usually costs more to buy but far less to fuel and maintain, so its running-cost savings gradually repay that higher price. This calculator finds the exact payback point for the pair you choose — and shows when the EV never repays the difference.
- What does “break-even” (payback) mean here?
- It’s the point where the EV’s lower running costs have repaid the extra you paid to buy it. Each car’s line on the chart is its purchase price plus running costs over time; the EV starts higher but rises more slowly, and where the lines cross, the EV has paid for itself.
- What costs are included?
- Purchase price plus the running costs that actually differ between an EV and a gas car: energy (home charging vs gasoline at current prices), maintenance, and tires. It assumes you keep both cars and does not count resale value or depreciation — for that fuller picture, use each car’s cost-of-ownership page.
- Why doesn’t it count depreciation or resale?
- To answer the question buyers actually ask — “how long until the EV’s savings repay its higher price?” Resale value varies a lot by model and would muddy that payback question, so it’s handled separately in the cost-of-ownership tool, which does model depreciation from CarEdge data.
- Does this include the federal EV tax credit?
- No. The federal EV tax credit ended on September 30, 2025, so it is not applied. If your state still offers an incentive, the real payback would arrive sooner than shown.