Cost

EV Total Cost of Ownership Calculator

Calculate and compare the true lifetime costs of owning an electric vehicle versus a gasoline vehicle.

Last updated: October 2023

Is an electric vehicle actually cheaper in the long run? This calculator helps you determine the total cost of ownership (TCO) for both electric and gasoline vehicles over their lifetime. While EVs typically have higher upfront costs, they often have lower operating expenses through reduced fuel and maintenance costs. Our comprehensive calculator includes all major expenses: purchase price, available incentives, fuel/electricity costs, maintenance, insurance, depreciation, and financing. For more specific cost analyses, you can also use our EV vs Gas Cost Calculator or EV Incentives Calculator.

EV Purchase Price ($)

Gas Car Purchase Price ($)

EV Tax Credits & Incentives ($)

Annual Miles Driven (miles)

EV Efficiency (kWh/mile)

Electricity Rate ($/kWh)

Gas Car Fuel Efficiency (mpg)

Gas Price ($/gallon)

Annual EV Maintenance Cost ($/year)

Annual Gas Car Maintenance Cost ($/year)

Annual EV Insurance Cost ($/year)

Annual Gas Car Insurance Cost ($/year)

Ownership Period

Loan Interest Rate (%)

Down Payment ($)

How This EV Total Cost of Ownership Calculator Works

This calculator provides a detailed comparison of the total lifetime costs of owning an electric vehicle versus a gasoline vehicle.

The Calculation

We calculate all major cost components including purchase price, incentives, financing, fuel, maintenance, insurance, and resale value over your specified ownership period.

Key Variables

Key variables include purchase prices, efficiency ratings, energy costs, maintenance expenses, insurance costs, and financing terms for both vehicle types.

Assumptions

The calculator accounts for typical depreciationdepreciation rdepreciation rates for both vehicle types and incorporates available EV incentivesEV incentivEV incentives. Maintenance costs are based on industry averages for each vehicle type.

Related Calculators

EV vs Gas Cost Calculator EV Incentives Calculator