Cost Comparison Calculator Methodology

Our Cost Comparison calculators help you make informed financial decisions when considering an electric vehicle purchase. These tools provide side-by-side comparisons of the total costs of owning and operating an EV versus a conventional gas-powered vehicle, including purchase price, energy costs, maintenance, and resale value over time.

Methodology Overview

Our cost comparison calculators use a comprehensive total cost of ownership approach that accounts for both upfront and ongoing expenses over a vehicle's lifecycle. This methodology breaks down costs into several key categories that impact the true financial picture of EV ownership compared to conventional vehicles:

Initial Purchase Costs

We calculate initial costs by starting with the manufacturer's suggested retail price (MSRP) for both vehicles, then subtract applicable federal tax credits (up to $7,500 for qualifying EVs), state/local incentives, and utility rebates. The resulting figure represents your effective purchase price after all incentives.

Energy Costs

For EVs, we multiply your annual mileage by the vehicle's energy consumption rate (kilowatt-hours per mile) and then by your electricity rate ($/kWh). For gas vehicles, we divide annual mileage by the EPA-rated fuel economy (MPG) and multiply by the price per gallon. These calculations account for regional differences in energy costs and can be adjusted for time-of-use electricity rates or fluctuating gas prices.

Maintenance Costs

Our models incorporate comprehensive maintenance data showing that EVs typically cost 30-50% less to maintain than gas vehicles due to fewer moving parts, no oil changes, reduced brake wear (from regenerative braking), and simpler cooling systems. We calculate these costs based on average maintenance expenditures per mile for each vehicle type, with EVs ranging from $0.03-0.06 per mile and gas vehicles typically $0.06-0.10 per mile.

Depreciation

Depreciation calculations use historical resale data from automotive industry sources, accounting for vehicle-specific factors such as brand reputation, battery capacity, and range. Our models apply annual depreciation percentages that can be customized based on vehicle type, with provisions for both linear and non-linear depreciation curves.

Data Sources & Assumptions

Our calculators rely on data from authoritative sources to ensure accuracy and reliability:

• Energy Consumption Data: Sourced from the EPA's Fuel Economy database (fueleconomy.gov), which provides standardized efficiency ratings for all vehicles sold in the US market.
• Electricity Rates: Default values reflect national averages from the US Energy Information Administration (EIA), updated quarterly. Users can adjust these to match their local utility rates.
• Gasoline Prices: National and regional averages from AAA and EIA data, with the ability for users to input local costs.
• Maintenance Costs: Derived from Consumer Reports reliability data, automotive industry studies, and manufacturer-provided maintenance schedules.
• Tax Incentives: Updated from IRS documentation, Department of Energy (energy.gov) resources, and state energy office publications.

Real-world values will vary based on driving conditions, local energy prices, and individual driving habits. Our calculators allow you to customize these inputs to match your specific situation for more personalized results.

Our Commitment to Accuracy

The Cost Comparison calculator methodology is reviewed quarterly to ensure all data sources remain current. We maintain strict editorial independence and do not accept payment from manufacturers to influence results. Our calculations are designed to provide unbiased, realistic projections based on the best available data.

We recognize that every driver's situation is unique. That's why our calculators are fully customizable, allowing you to adjust variables to match your specific circumstances, from local energy costs to driving habits.

Available Cost Comparison Calculators