Transportation

Should I buy an electric car?

Compare the true cost of EVs vs gas cars including fuel, maintenance, tax credits, and charging costs to see if going electric makes financial sense for you.

By ShouldICalc Team

Updated January 2025 · See our methodology

Your Numbers

12,000 mi
5,000 mi 30,000 mi

Average American drives 12,000-15,000 miles/year

$3.5
$2.5 $6
28
15 50

Check your car's fuel economy rating

15
8 30

Check your electric bill for your rate

3.5
2.5 4.5

Most EVs get 3-4 miles per kWh

$10,000
$0 $25,000

How much more the EV costs vs a similar gas car

Home charging is significantly cheaper than public charging

Income limits apply ($150K single, $300K married)

Your Results

Annual Savings

$0 – $0

per year

5-Year Savings

$0 – $0

Break Even

— months

💡 Calculating...

Enter your numbers above to see personalized results.

Trade-offs to Consider

Every decision has pros and cons. Here's what to weigh:

  • Money

    Lower fuel and maintenance costs, but higher upfront price. Break-even depends on miles driven and gas prices.

  • Time

    Home charging happens overnight (no gas station trips), but road trips require planning around charging stops (15-45 min).

  • Quality

    Instant torque, quieter ride, and tech-forward experience. But some prefer the feel and sound of gas engines.

  • Convenience

    No oil changes or many routine maintenance items. But charging infrastructure is still developing in some areas.

  • Environment

    Zero tailpipe emissions and lower lifetime carbon footprint, even accounting for electricity generation and battery production.

Related Products

Products that can help you save money. (Affiliate links)

🔌

ChargePoint Home Flex Level 2 EV Charger

Fastest home charging, works with all EVs

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📦

Lectron J1772 Extension Cable

Extend your EV charging reach

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📦

NOCO Boost Plus GB40 Jump Starter

Emergency portable power for any vehicle

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Frequently Asked Questions

How much does it cost to charge an electric car at home?
At the US average electricity rate of about 15 cents per kWh, charging a typical EV from empty to full costs $10-15 and provides 200-300 miles of range. This works out to about 4-5 cents per mile, compared to 10-15 cents per mile for a gas car.
How long do EV batteries last?
Most EV batteries are warrantied for 8 years or 100,000 miles and are designed to retain at least 70% capacity. In practice, many EVs show 80-90% battery health after 200,000 miles. Battery replacement costs have dropped significantly and continue to fall.
Is the federal tax credit still available?
Yes, but with restrictions. The $7,500 federal tax credit applies to new EVs meeting domestic content requirements. Income limits apply ($150K for single filers, $300K for married filing jointly). Used EVs may qualify for a $4,000 credit. Always verify current requirements at IRS.gov.
Can I charge an EV at an apartment?
It's possible but more challenging. Options include workplace charging, public chargers near home, or asking your landlord about installing a charger. Some apartments are adding EV charging as an amenity. Without convenient home or work charging, the EV value proposition is weaker.

How We Calculate EV Savings

Our calculator compares the total cost of ownership between an electric vehicle and a comparable gas car over 5 years. Here’s what goes into the math:

Fuel Costs

The biggest savings come from fuel. At current prices, electricity costs about 1/3 to 1/4 as much as gasoline per mile. We calculate your annual fuel costs based on:

  • Miles driven per year
  • Your gas price and car’s MPG
  • Your electricity rate and the EV’s efficiency

Maintenance Savings

EVs have fewer moving parts and don’t need oil changes, spark plugs, or transmission service. We estimate $300-600 in annual maintenance savings based on industry data.

Upfront Cost Difference

EVs typically cost more upfront, though the gap is shrinking. We factor in the federal tax credit if you qualify, which can offset $7,500 of the premium.

What We Don’t Include

  • State and local incentives (many offer additional credits)
  • Insurance differences (varies by location and driver)
  • Resale value (EVs are holding value well but data is limited)
  • Time savings from home charging

When an EV Makes the Most Financial Sense

You’ll see the biggest savings if you:

  • Drive 12,000+ miles per year - More miles = more fuel savings
  • Can charge at home - Home charging costs 60% less than public charging
  • Pay high gas prices - More upside when gas is expensive
  • Qualify for tax credits - The $7,500 federal credit makes a big difference
  • Keep cars for 5+ years - More time to recoup the upfront premium