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EV vs gas savings calculator

Honest break-even analysis — price premium, IRA tax credit, home electricity, fuel, and maintenance. See the exact year your EV passes the gas car on total cost.

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Results

EV net advantage
$10,260
Never pays back at these inputs
Gas fuel/yr
$1,543
EV fuel/yr
$549
Fuel savings
$6,960
Maint savings
$2,800
EVs typically win long-haul on cheap home electricity. Short-haul drivers or those with only public DC fast charging ($0.45-$0.55/kWh) may never break even.
Cumulative cost: EV vs gas
Break-even visualized
7-year total

The honest EV math — fuel + maintenance vs price premium

EV marketing focuses on fuel savings. Dealers emphasize the sticker premium. Both miss the full picture. A real EV-vs-gas comparison has four buckets: acquisition cost (sticker price minus tax credit), fuel (electricity vs gasoline), maintenance (fewer services on EVs), and depreciation (a mixed bag — see below).

Example with 2026 numbers. A 2026 Honda CR-V EX-L gas at $36,000 vs a 2026 Chevrolet Equinox EV 2LT at $35,000 with the $7,500 IRA credit applied at point of sale (net $27,500). The EV starts $8,500 cheaper out of the gate. At 15,000 miles/year: gas CR-V costs $1,770/year in fuel (28 MPG × $3.60); EV Equinox costs $583/year in home electricity (3.3 mi/kWh × $0.16). Fuel savings: $1,187/year. Maintenance savings: ~$400/year. Over 7 years of ownership, total EV advantage: $8,500 (acquisition) + $8,309 (fuel) + $2,800 (maintenance) = $19,609. That's not a rounding error — it's a year of private college tuition.

When EVs lose the math

Four scenarios where gas wins cleanly:

Low annual mileage (under 7,000 mi/year)

Fuel savings are annual, so they accumulate slowly for low-mileage drivers. A retiree driving 4,000 miles/year saves only $300/year in fuel vs their 28-MPG sedan. Even with $400 of maintenance savings, 7 years of ownership saves $4,900 — less than the typical EV price premium for an equivalent model without tax credit eligibility.

No home charging access

Public DC fast charging costs $0.38-$0.55/kWh — 2-4× the cost of home charging. An EV driver relying on Electrify America or Tesla Supercharger exclusively pays more per mile than a gas car gets. Apartment dwellers without a dedicated charging plug should skip EVs entirely until charging infrastructure improves.

High-mileage long-distance commuters who need frequent fast charging

A driver doing 25,000 miles/year of highway travel with frequent road trips will spend meaningful time at fast chargers even with home charging available. The cost delta closes as public charging enters the mix.

Keeping cars under 4 years

EV depreciation is currently steeper than ICE depreciation in the resale market. A 2022 Tesla Model 3 has lost 45% of value at 3 years; a 2022 Camry has lost 32%. If your ownership window is short, you amplify the depreciation hit rather than amortizing the purchase premium across years of fuel savings.

Charging infrastructure in 2026 — what's real

As of April 2026, the US has roughly 180,000 public charging stalls. Tesla Supercharger remains the largest DC fast network (~28,000 stalls), now open to CCS and NACS non-Tesla vehicles on most routes. Electrify America has 4,200+ fast-charging stalls, mostly co-located with Walmart. EVgo and Shell Recharge cover urban gaps. Home charging remains 90%+ of real-world EV energy delivery. For most drivers, 80% of charging happens overnight at home.

Cross-country road trips are now feasible on I-95, I-10, I-80, and most major corridors without anxiety. Rural and mountain routes (parts of Montana, Wyoming, West Texas) still have 200+ mile gaps. Check PlugShare or A Better Route Planner for your actual trip before committing to an EV for long-haul driving.

The two EVs that dominate the value math in 2026

Chevrolet Equinox EV LT/2LT: $34,995 MSRP, $7,500 credit at POS, 319-mile EPA range, 21-minute 80% fast charge. After credit, the 2LT is cheaper than a comparable RAV4 hybrid and costs half as much per mile to operate. For families under $300K income, this is the no-compromises winner.

Tesla Model 3 Long Range RWD: $42,490 MSRP, $7,500 credit eligible, 363-mile range, Supercharger access. Higher upfront than the Equinox but better long-distance travel ecosystem. For frequent road trippers, often the right choice.

Honorable mentions: Hyundai IONIQ 6 (excellent efficiency), Ford Mustang Mach-E (familiar feel), Kia EV6 (fast charging champion). Avoid used 2019-2020 EVs unless $10K+ below comparable gas — battery longevity data still thin at that age.

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Frequently asked questions

Are EVs actually cheaper long-term?

For most home-charging drivers who keep cars 7+ years, yes — by $4,000-$8,000 over the ownership lifetime. For drivers who depend on public fast chargers (paying $0.45-$0.55/kWh instead of $0.13-$0.18 at home) or who keep cars under 4 years, gas often wins. The honest math depends on charging access. A driver with home charging and 15K miles/year typically saves $1,000-$1,400/year on fuel vs a 28-MPG gas car. Maintenance savings add another $400/year. Over 7 years that's $9,800-$12,600 in operating savings.

How much does the $7,500 federal tax credit actually matter?

A lot — but only if you qualify. The 2025 Inflation Reduction Act credit requires: vehicle assembled in North America, MSRP under $55K (cars) or $80K (SUV/truck), adjusted gross income under $150K (single) or $300K (married filing jointly), and battery/mineral sourcing requirements the IRS updates annually. As of 2026, qualifying vehicles include most Tesla models, Ford F-150 Lightning, Chevy Bolt and Equinox EV, Ford Mustang Mach-E, VW ID.4, and certain Rivian configurations. Point-of-sale application (starting 2024) means you get the credit as a price reduction at the dealer, not waiting for tax refund.

What's the real cost to charge at home?

In 2026 the US average residential rate is about $0.16/kWh. In Texas/Oklahoma it's closer to $0.11; California TOU rates can hit $0.40/kWh during peak hours (but off-peak at 11pm-7am is usually $0.12-$0.18). A Tesla Model 3 Long Range with a 75 kWh battery costs about $12 to fully charge at $0.16/kWh — roughly $0.05/mile. That's 3-4× cheaper per mile than a 28 MPG gas car at $3.60/gallon.

Are EV maintenance savings real?

Yes, and they're larger than most people expect. No oil changes ($60 × 2-3 times a year), no spark plugs ($400 every 100K mi), no transmission service ($250 every 60K mi), no timing belt ($800 every 100K), no brake pads until ~100K miles (regenerative braking preserves them), no air filters for the engine. Total maintenance savings over 7 years/100K miles: $3,000-$5,000 vs a comparable gas car. Tire replacement costs slightly more (EVs are heavier, eat tires 10-15% faster).

What about battery replacement cost?

The number most people fear, usually wrongly. Modern EV batteries (Tesla 2018+, Hyundai/Kia 2020+, Ford Mustang Mach-E, Chevy Bolt Gen 2) are under 8-year/100,000-mile warranty from the manufacturer. Real-world data from Tesla shows median pack degradation of 8-12% at 100K miles, 15-20% at 200K — not the 'replace every 5 years' myth. Out-of-warranty replacement runs $8,000-$16,000 but is genuinely rare before 150K miles on newer models.

When does an EV NOT make sense financially?

Four scenarios: (1) you drive less than 6,000 miles/year — fuel savings don't accumulate fast enough to offset price premium; (2) you don't have home charging and rely on $0.45/kWh fast charging; (3) you plan to trade every 3 years (depreciation on EVs is still steeper than equivalent gas cars in the resale market); (4) you live in an apartment with no dedicated parking where installing a home charger is impossible. For long commuters with home charging, EVs win clearly.

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