Gas vs. Electric Car Savings Calculator
Compare the total 5-year ownership costs and find your potential savings.
Gasoline Vehicle Details
Total price of the gasoline car, in dollars ($).
Miles per gallon for the gasoline car.
Your local average price for a gallon of gas.
Estimated annual cost for oil changes, etc. ($).
Electric Vehicle (EV) Details
Total price of the electric car, in dollars ($).
kWh used per 100 miles. A common metric for EVs.
Your local cost for one kilowatt-hour of electricity.
Estimated annual cost for tires, filters, etc. ($).
Shared Assumptions
Total miles you expect to drive in one year.
Number of years to calculate total costs over.
Any government incentives for purchasing the EV ($).
$0.00
$0.00
$0.00
$0.00
Total Cost Comparison
What is a Gas vs Electric Car Savings Calculator?
A gas vs electric car savings calculator is a financial tool designed to estimate the difference in total cost of ownership (TCO) between a traditional internal combustion engine (ICE) vehicle and a battery electric vehicle (BEV). It goes beyond the sticker price to account for the ongoing expenses that define the true cost of a car over several years. Users input details about purchase prices, driving habits, local energy costs, and maintenance to receive a detailed comparison.
This calculator is essential for anyone considering the switch to an electric vehicle. While EVs often have a higher upfront cost, they can lead to significant savings over time through lower fuel and maintenance expenses. This tool helps quantify that potential difference, providing a data-driven answer to the question: “Will an EV actually save me money?” Common misunderstandings often focus only on fuel savings, but a proper TCO analysis, like the one this calculator provides, includes vehicle depreciation (implied in the purchase price), maintenance, and government incentives.
The Gas vs Electric Car Savings Calculator Formula and Explanation
The calculator determines the total cost for each vehicle type over the specified period and then finds the difference. The core formula for each vehicle is:
Total Cost = (Purchase Price - Incentives) + (Annual Fuel Cost * Years) + (Annual Maintenance Cost * Years)
Where the annual fuel/energy costs are calculated as:
- Annual Gas Cost:
(Annual Miles / MPG) * Price per Gallon - Annual EV Energy Cost:
(Annual Miles / 100) * (kWh per 100 Miles) * Price per kWh
The final savings are then simply: Total Savings = Total Gas Car Cost - Total EV Cost. A positive result indicates savings by choosing the EV.
Variables Table
| Variable | Meaning | Unit | Typical Range |
|---|---|---|---|
| Purchase Price | The initial cost to buy the vehicle. | Dollars ($) | $20,000 – $80,000 |
| Annual Miles | The distance driven per year. | Miles | 5,000 – 25,000 |
| MPG | Miles Per Gallon; the efficiency of the gas car. | Miles | 15 – 55 |
| kWh per 100 Miles | The energy consumption of the EV. | kWh | 25 – 45 |
| Gas Price | Cost of one gallon of gasoline. | $ / Gallon | $3.00 – $6.00 |
| Electricity Price | Cost of one kilowatt-hour of electricity. | $ / kWh | $0.10 – $0.40 |
Practical Examples
Example 1: The Daily Commuter
A user drives 15,000 miles per year and pays $3.75 per gallon for gas and $0.18 per kWh for electricity. They are comparing a $32,000 gas car (28 MPG) with a $42,000 EV (30 kWh/100 miles) that qualifies for a $7,500 tax credit.
- Inputs: Gas Price=$32k, EV Price=$42k, Miles=15k, MPG=28, kWh/100mi=30, Gas Cost=$3.75, Elec Cost=$0.18, Credit=$7.5k, Years=5.
- Results: Over 5 years, the EV would result in approximately $8,133 in savings. The total cost for the gas car would be around $52,000, while the EV would be around $43,867.
Example 2: The Low-Mileage Driver
Another user drives only 6,000 miles per year. They are looking at a cheaper $25,000 gas car (32 MPG) versus a $38,000 EV (28 kWh/100 miles) with the same energy costs and tax credit.
- Inputs: Gas Price=$25k, EV Price=$38k, Miles=6k, MPG=32, kWh/100mi=28, Gas Cost=$3.75, Elec Cost=$0.18, Credit=$7.5k, Years=5.
- Results: For this user, the lower mileage reduces fuel savings. Over 5 years, the gas car is actually cheaper, with the EV costing approximately $2,073 more than the gas option. This highlights how driving habits are a critical factor. For more details on car costs, see our auto loan calculator.
How to Use This Gas vs Electric Car Savings Calculator
- Enter Vehicle Prices: Input the purchase price for both the gasoline and electric vehicles you are considering.
- Input Efficiencies: Provide the fuel efficiency for the gas car in Miles Per Gallon (MPG) and the energy efficiency for the EV in kWh per 100 miles.
- Provide Energy Costs: Enter your local average price for a gallon of gasoline and the price per kilowatt-hour (kWh) from your utility bill.
- State Driving Habits: Input the total number of miles you drive annually and the number of years you plan to own the car.
- Add Incentives: Enter the total value of any federal, state, or local tax credits or rebates available for the EV purchase.
- Calculate and Analyze: Click “Calculate Savings” to see the results. The primary result shows your net savings, while the intermediate values and chart break down the total costs for each option. Exploring different scenarios, such as in our guide to EV tax credits, can provide deeper insights.
Key Factors That Affect Car Ownership Savings
- Purchase Price & Incentives: The initial price gap between EV and gas cars is the biggest hurdle. Government incentives are designed to close this gap and are a major factor in the TCO.
- Fuel and Electricity Prices: The most volatile component. High gas prices dramatically increase EV savings. Your local electricity rate is equally important.
- Driving Distance: The more you drive, the more you save on fuel with an EV. High-mileage drivers benefit the most from switching.
- Vehicle Efficiency (MPG & kWh/100mi): A more efficient vehicle, whether gas or electric, will always have lower running costs. This is as important as the price of fuel itself.
- Maintenance Costs: EVs have fewer moving parts than gas cars (no oil changes, fewer fluids), leading to consistently lower annual maintenance bills.
- Vehicle Depreciation: While not directly an input in this calculator, depreciation is a huge part of TCO. Historically, EVs have depreciated faster, but this trend is changing. The purchase price inputs partially account for this initial value. To better plan for long-term value, consider using a long-term investment calculator.
- Charging Infrastructure: The cost in this calculator assumes home charging. Frequent use of expensive public DC fast-chargers can increase an EV’s running costs.
Frequently Asked Questions (FAQ)
- 1. Does this calculator include insurance costs?
- No, this calculator does not include insurance. Insurance rates can vary widely based on driver history, location, and the specific vehicle model. You should get separate quotes for each vehicle.
- 2. What about the cost of installing a home charger?
- The cost of installing a Level 2 home charger (typically $500 – $1,500) is not included as a default input. You can manually add this to the “EV Purchase Price” to factor it into the calculation.
- 3. How accurate are the maintenance cost estimates?
- The default values are based on industry averages. Gas cars require regular oil changes, filter replacements, and have more complex engines, leading to higher costs. EV maintenance is mostly limited to tires, brakes, and cabin air filters.
- 4. Does this calculation account for battery replacement?
- No. EV batteries are designed to last the life of the vehicle (most come with an 8-10 year warranty). Battery replacement is a rare and expensive event that falls outside a typical 5-10 year ownership TCO analysis.
- 5. Why is my electricity bill so high if EVs are cheap to fuel?
- Check your electricity plan. Many utilities offer special “Time-of-Use” (TOU) rates that make overnight charging significantly cheaper. This is a key to maximizing savings. Check out our budget planner to manage utility costs.
- 6. Can I use this calculator for a Plug-in Hybrid (PHEV)?
- This calculator is optimized for a direct gas vs. fully-electric comparison. A PHEV’s costs are a complex mix of both, depending on how often you charge it versus use the gas engine. It would require a more specialized tool.
- 7. How does vehicle depreciation affect the results?
- The purchase price is the starting point of depreciation. A higher initial cost means more value is lost over time. While not calculated as a line item, the savings result reflects whether the fuel/maintenance savings are enough to overcome the typically higher purchase price (and associated depreciation) of an EV.
- 8. What if I don’t know the exact efficiency numbers?
- The default values are good starting points for an average sedan. For specific models, you can find official MPG and EV efficiency ratings on government websites like the EPA’s FuelEconomy.gov.