EV vs Gas Cost Calculator

The EV vs Gas Cost Calculator compares annual fuel and maintenance expenses between any electric vehicle and a gasoline car over your chosen ownership period.

5 Costs People Forget When Comparing EVs to Gas Cars

Most buyers compare sticker prices and stop there. A $44,990 Tesla Model Y looks expensive next to a $30,900 Toyota RAV4, and on purchase day, it is. But sticker price captures only a fraction of what a vehicle actually costs to drive. The running costs that accumulate over three, five, or ten years of ownership reshape the comparison dramatically — sometimes reversing which vehicle is the more expensive choice.

The five cost categories below are the ones most frequently underestimated or ignored entirely when people compare EV running costs to those of an ICE vehicle. Each one shifts the balance by hundreds or thousands of dollars per year.

1. Fuel Cost Per Mile Is Not What You Think

Gasoline buyers know roughly what they pay per gallon, but few convert that into a per-mile figure. At $4.06 per gallon and 30 MPG, a gas car costs 13.5¢ per mile in fuel alone. An EV rated at 270 Wh/mi on residential electricity at $0.167 per kWh costs approximately 5.0¢ per mile — accounting for 10% charging losses. That gap of 8.5¢ per mile translates to $1,020 in annual savings at 12,000 miles.

The gap widens in high-gas-price states and narrows in states with cheap gasoline and expensive electricity. You can check how electricity rates vary significantly across states to see where your region falls. Public DC fast charging at $0.35–$0.50 per kWh narrows the advantage considerably, which is why home charging habits matter so much to the economic case.

2. Maintenance Savings Add Up Faster Than Expected

An EV drivetrain has roughly 20 moving parts compared to around 2,000 in a gasoline powertrain. No engine oil changes, no transmission fluid, no timing belt replacements, no exhaust system repairs, and dramatically reduced brake wear thanks to regenerative braking. Consumer Reports data from 2024 shows average annual maintenance costs of $600 for EVs versus $1,200 for gasoline vehicles.

That $600 annual difference does not sound dramatic in isolation. Over five years, it totals $3,000. Over ten years, $6,000. And the gap tends to widen as gas vehicles age: timing belt replacements, catalytic converter failures, and transmission repairs are mid-life expenses that EVs simply do not have. To dig deeper with a full ownership cost analysis, factor in all six major cost categories including insurance and depreciation.

3. Electricity Rates Are More Stable Than Gasoline Prices

Gasoline prices can swing 20–40% within a single year. The US national average hit $5.00 per gallon in June 2022 and dropped below $3.20 by the end of 2023. Electricity rates, by contrast, change slowly — typically 2–4% annually — because they are regulated by state utility commissions.

This price stability means EV owners can predict their annual fuel costs with reasonable accuracy, while gasoline costs remain inherently unpredictable. For budget-conscious drivers, the predictability itself has value. You can calculate how long until the EV pays for itself under different fuel price scenarios to stress-test the savings against price volatility.

4. Time-of-Use Rates Create a Hidden Discount

Many utility companies offer TOU rate plans with off-peak electricity as low as $0.08–$0.12 per kWh between 11 pm and 7 am. Since most home EV charging happens overnight, drivers who switch to a TOU plan can cut their per-mile electricity cost nearly in half compared to the standard residential rate.

The following table shows how charging method affects annual fuel cost for a driver covering 15,000 miles per year in an EV rated at 270 Wh/mi, compared to a 30 MPG gasoline vehicle.

Fuel Source	Rate	Annual Cost	Cost Per Mile
EV — Home off-peak (TOU)	$0.10/kWh	$450	3.0¢
EV — Home standard residential	$0.167/kWh	$751	5.0¢
EV — Public Level 2	$0.25/kWh	$1,125	7.5¢
EV — DC fast charging only	$0.40/kWh	$1,800	12.0¢
Gasoline — 30 MPG at $4.06/gal	$4.06/gal	$2,030	13.5¢
Gasoline — 30 MPG at $5.89/gal (CA)	$5.89/gal	$2,945	19.6¢

The difference between the cheapest EV charging option and California gasoline prices is $2,495 per year — enough to cover a significant portion of a monthly car payment. Even drivers who rely entirely on DC fast charging still pay less than gasoline in most states, though the margin shrinks to the point where it may not justify a purchase-price premium on its own. To estimate per-session charging expenses for your specific vehicle and charger type, run the numbers with your actual rate.

5. Resale Value Assumptions Often Favour the Wrong Vehicle

A common assumption is that EVs depreciate faster than gasoline vehicles because of battery degradation concerns. Early data supported this for some models, but the market has shifted. As of 2025, mainstream EVs (particularly Tesla, Hyundai, and Kia models) depreciate at rates comparable to their gasoline counterparts — roughly 15% per year on average, according to Kelley Blue Book data. Some EV models with strong demand and limited supply have depreciated more slowly than the segment average.

The critical variable is not EV versus gas but model popularity and battery warranty coverage. An EV with 8 years of battery warranty remaining holds value better than one approaching warranty expiration. A gasoline vehicle facing tightening emissions regulations in certain states may also see accelerated depreciation. Neither powertrain has a universal advantage here — it depends entirely on the specific vehicles being compared.

How the Fuel Cost Formula Works

The core calculation for EV annual fuel cost follows this sequence: multiply your annual driving distance by the vehicle's efficiency rating in Wh/mi, divide by 1,000 to convert to kWh, divide by charger efficiency (typically 0.9 for a 10% loss during AC charging), then multiply by your electricity rate per kWh.

EV Annual Fuel = (Annual Miles × Wh/mi ÷ 1,000) ÷ Charger Efficiency × $/kWh

For gasoline, the formula is simpler: divide annual miles by the vehicle's combined MPG rating, then multiply by the price per gallon.

Gas Annual Fuel = (Annual Miles ÷ MPG) × $/gallon

The charger efficiency factor accounts for energy lost as heat during the charging process. Level 2 home chargers typically operate at 88–92% efficiency, meaning roughly 10% of the electricity drawn from the wall never reaches the battery. This is a real cost that many simple EV calculators omit, and omitting it understates the true electricity expense by about 10%.

Worked Example: California Driver — Model Y Versus RAV4

A California household drives 15,000 miles per year and charges a Tesla Model Y Long Range at home on an off-peak TOU rate of $0.16 per kWh. The comparable gasoline vehicle is a Toyota RAV4 averaging 30 MPG, with California gasoline at $5.89 per gallon.

The Model Y's EPA-rated efficiency is 270 Wh/mi. Over 15,000 miles, total energy consumption is 15,000 × 270 ÷ 1,000 = 4,050 kWh at the battery. Factoring in 90% charger efficiency raises the wall draw to 4,050 ÷ 0.9 = 4,500 kWh. At $0.16 per kWh, annual EV fuel cost comes to $720. The RAV4 consumes 15,000 ÷ 30 = 500 gallons per year. At $5.89 per gallon, that totals $2,945. Annual fuel savings alone reach $2,225, and adding the $600 maintenance differential ($1,200 gas minus $600 EV) brings combined annual savings to $2,825. Over five years, that amounts to $14,125 in reduced running costs.

California's combination of high gasoline prices and competitive off-peak electricity rates creates one of the largest EV cost advantages in the country. The EV's per-mile fuel cost of 4.80¢ versus the RAV4's 19.63¢ means the electric option costs less than a quarter as much per mile to fuel. You can see the per-mile cost breakdown for any vehicle and region combination.

Worked Example: Budget Comparison — Bolt EUV Versus Civic in Texas

Not every comparison involves premium vehicles or high-cost states. A Texas driver comparing the Chevrolet Bolt EUV to a Honda Civic presents a tighter race: the Bolt EUV starts at $27,800 versus the Civic at $25,000, a purchase gap of just $2,800.

The Bolt EUV's efficiency is 280 Wh/mi. At 12,000 annual miles and a Texas residential rate of $0.142 per kWh, annual fuel cost works out to 12,000 × 280 ÷ 1,000 ÷ 0.9 × $0.142 = $530 per year. The Civic averages 36 MPG. At $3.65 per gallon, annual fuel cost is 12,000 ÷ 36 × $3.65 = $1,217. The fuel savings of $687 per year combine with maintenance savings of $600 ($1,100 gas minus $500 EV) for a total annual advantage of $1,287.

Even in Texas — where gasoline is relatively cheap and electricity rates are moderate — the Bolt EUV recovers its $2,800 purchase premium in just over two years through lower running costs. Over five years, cumulative savings reach approximately $6,433. For a thorough view that includes financing, insurance, and depreciation, dig deeper with a full ownership cost analysis.

When the Numbers Favour Gasoline

The comparison does not always favour the electric option. Several scenarios tilt the economics toward a gasoline vehicle, and acknowledging them is essential to making an informed decision.

Drivers who rely exclusively on public DC fast charging at $0.40–$0.50 per kWh face per-mile fuel costs approaching those of a fuel-efficient gasoline car. Apartment dwellers without access to home or workplace charging often fall into this category. In states with below-average gas prices and above-average electricity rates (parts of the Southeast, for example), the fuel savings margin can shrink below $500 per year — not enough to offset a significant purchase price premium within typical ownership periods.

High-mileage drivers who keep vehicles for 200,000 miles or more may also need to factor in a potential battery replacement ($5,000–$15,000), a cost that gasoline vehicles avoid. And buyers who purchase used gasoline vehicles at steep discounts face a different starting-price equation than new-versus-new comparisons suggest.

The calculator above handles all of these scenarios. Adjust the electricity rate, gasoline price, and maintenance figures to reflect your actual situation rather than national averages. To check available purchase incentives by state, see if federal or state credits change the upfront cost equation for your specific vehicle.

Glossary

Total Cost of Ownership

TCO is the complete financial outlay associated with purchasing and operating a vehicle over a defined period. It includes the purchase price (or lease payments), financing interest, fuel, maintenance, insurance, registration fees, and estimated depreciation. Comparing TCO rather than sticker price alone provides a far more accurate picture of which vehicle actually costs less. A vehicle with a higher purchase price can have a lower TCO if its running costs are substantially reduced. For a detailed breakdown across all six categories, read the in-depth analysis of EV versus gasoline ownership.

Internal Combustion Engine

An ICE vehicle uses a piston engine fuelled by gasoline or diesel to produce mechanical motion. The engine requires lubricating oil, a cooling system, an exhaust system with catalytic converters, a multi-speed transmission, and numerous wear components (belts, spark plugs, filters) that collectively drive higher maintenance costs compared to battery-electric powertrains. ICE vehicles remain the majority of registered vehicles on US roads, though battery-electric and plug-in hybrid registrations have grown steadily since 2020.