EV Total Cost of Ownership Calculator

Over a 5-year ownership period, EVs are often cheaper to own than equivalent gas vehicles, primarily due to lower fuel and maintenance costs. A typical EV costs $0.03-0.05 per mile to run on electricity vs $0.10-0.15 per mile for a gas car. Maintenance costs are roughly 30-40% lower for EVs (no oil changes, fewer brake replacements due to regenerative braking). The federal EV tax credit of up to $7,500 (Clean Vehicle Credit, IRC Section 30D) significantly reduces the upfront cost for eligible buyers.

The Clean Vehicle Credit (IRC Section 30D) provides up to $7,500 for new EVs that meet assembly and battery component requirements. Income caps apply: $150,000 for single filers, $300,000 for MFJ. Vehicle MSRP caps: $55,000 for cars, $80,000 for SUVs, vans, and trucks. Used EVs may qualify for a credit of up to $4,000 (30% of sale price) through the Previously Owned Clean Vehicles Credit. Not all EV models qualify - check the IRS or DOE Alternative Fuels Station Locator for current eligible vehicles.

Home charging costs depend on your electricity rate and the EV's efficiency (miles per kWh). At the US average electricity rate of $0.16/kWh and a typical EV consuming 3 miles per kWh (or 0.33 kWh/mile), the cost is about $0.05 per mile. For 12,000 miles per year, that's roughly $640/year. A Level 2 home charger costs $500-2,000 installed, and charging at public Level 3 fast chargers costs more ($0.30-0.65/kWh).

EVs typically cost 15-25% more to insure than equivalent gas vehicles due to higher repair costs for electric drivetrains and batteries, and higher vehicle values. However, the gap has been narrowing as more EV parts and certified repair shops become available. Some insurers offer EV-specific discounts. Overall, higher insurance costs partially offset fuel and maintenance savings.

EVs have significantly fewer moving parts than internal combustion engine (ICE) vehicles. There are no oil changes, no transmission fluid changes, no spark plugs, no timing belts, and regenerative braking reduces brake wear. The main EV-specific maintenance items are tire rotations (more frequent due to higher torque and weight), battery health monitoring, and cabin air filter replacement. AAA estimates EV maintenance costs at $0.09/mile vs $0.10/mile for gas vehicles, a smaller gap than often cited.