Is an Electric Car Worth It?
EVs cost more to buy but less to run. See exactly how many years of fuel and maintenance savings it takes to earn back the difference.
Fill in the fields above to see your answer.
If you drive more or less
The more you drive, the faster the EV catches up:
| Miles / year | Payback period | Worth it? |
|---|
How this calculator works
We start with the extra upfront cost of the EV — its price minus any tax credit, minus the price of a comparable gas car. Then we compare annual fuel cost: gas price divided by fuel economy versus electricity price times how much energy the EV uses per mile, plus any maintenance difference you add in.
Dividing the upfront cost by your annual savings gives the payback period — how many years of driving it takes for fuel and maintenance savings to earn back the price premium. Drive more and that period shrinks fast, since gas cars burn money proportional to miles driven in a way EVs largely don't.
What this doesn't account for
- Access to charging — home charging changes the math a lot compared to relying on public chargers.
- Battery degradation over time and eventual replacement cost, which varies by model and how it's used.
- Resale value uncertainty — the EV and used-EV market is still young and harder to predict than gas cars.
- Charging time versus a five-minute gas station stop, which matters more on road trips than daily driving.
Frequently Asked Questions
How is the EV break-even point calculated?
We calculate the EV's price premium over the comparable gas car, then add up annual fuel savings (gas cost minus electricity cost) and maintenance savings. Dividing the price premium by the total annual savings gives the number of years it takes for the EV to pay back its higher upfront cost.
How are fuel savings estimated?
We use your annual mileage, the gas car's fuel efficiency (mpg), your gas price, and the EV's electricity cost per mile (based on its efficiency and your electricity rate). The difference in annual fuel cost is your yearly savings. Fuel savings are typically $1,000–$2,000 per year for average drivers.
Does the calculator include EV tax credits or rebates?
No — tax credits vary by country, income, and vehicle eligibility and change frequently. Enter the EV's price after any credits you expect to receive, rather than the sticker price, to account for them. The federal EV credit in the US has been up to $7,500 for qualifying vehicles.
How are maintenance savings estimated?
EVs avoid many regular gas-car maintenance items: oil changes, transmission fluid, spark plugs, and some brake wear (due to regenerative braking). We apply an estimated annual maintenance savings you provide. A common estimate is $500–$1,000 per year less in maintenance for an EV versus a comparable gas vehicle.