Sticker price is the worst way to compare an electric car with a gas one. Electrics usually cost more up front but far less to run, so the honest question is how long it takes the cheaper running costs to repay the higher purchase price. This calculator answers that with a year-by-year total-cost-of-ownership curve and a clear breakeven point — and lets you stress-test the result against the numbers that matter most.
The five costs that decide the winner
True ownership cost has five moving parts: purchase price (minus incentives), energy, maintenance, insurance, and depreciation. EVs typically win on energy and maintenance — no oil changes, fewer wearing parts, and electricity that is cheaper per mile than gasoline at home rates. Gas cars often win on up-front price and, sometimes, insurance. Depreciation cuts both ways and has narrowed as the used-EV market matured. The calculator adds these up every year and subtracts resale value, so you compare net cost, not just spending.
Home vs public charging changes everything
The single number that makes or breaks the EV case is your blended electricity price. Charging at home at $0.12–$0.18/kWh can be a third of the per-mile cost of gasoline. Lean on public DC fast charging at $0.35–$0.50/kWh and the EV's energy advantage can evaporate — public charging is sometimes no cheaper than gas per mile. That is why this tool asks for both rates and your home-charging share, rather than assuming one cheap number.
Mileage, horizon, and incentives
Three levers control the breakeven. Annual mileage multiplies the per-mile savings, so high-mileage drivers reach breakeven fastest. The ownership horizon decides how much of that saving you actually pocket before selling. And incentives — the federal Clean Vehicle Credit plus any state or utility rebate — directly cut the EV's up-front gap. Because incentive rules change and depend on the specific vehicle and your income, treat the credit as an estimate and confirm eligibility before counting on it.
How to read the breakeven
If the EV breaks even at, say, 2.4 years, any time you keep it beyond that is money saved versus the gas car. If the result says gas stays cheaper across your horizon, it usually means low mileage, heavy public charging, or no incentive — raise any of those and re-check. The Sensitivity tab is built for exactly this: drag gas price, electricity rate, and miles to see how robust your conclusion really is.