EV Total Cost of Ownership (TCO) Calculator
Compare the true 5‑year cost of owning an electric vehicle vs. a gas car — including depreciation, fuel, maintenance, insurance, taxes, and loan interest.
⚖️ EV vs. Gas Comparison
📋 Cost Breakdown
How the EV TCO Calculator Works
This calculator estimates the total 5‑year cost of ownership for an electric vehicle, including:
- Depreciation — the single largest cost, based on model‑specific curves.
- Electricity — using your state’s average rate or a custom rate, with public charging at ~2× the home rate.
- Maintenance — EVs cost roughly 40% less to maintain than gas cars.
- Insurance — state‑adjusted estimates for EV vs. gas.
- Loan Interest — amortized over your selected term and APR.
- Taxes & Fees — state‑specific EV registration fees and sales tax.
The gas comparison uses a comparable mid‑size sedan with similar purchase price, annual mileage, and ownership period.
Example
A 2026 Tesla Model 3 purchased for $44,000 with $5,000 down, 6.5% APR over 60 months, driven 15,000 miles per year in California for 5 years. The calculator shows total cost, cost per mile, and the break‑even point vs. a gas car.
Practical Tips
- Enter your actual purchase price — not just MSRP — for the most accurate results.
- Adjust the electricity rate if you have a time‑of‑use (TOU) plan or a different utility rate.
- Use the “Public Charging” slider if you rely on DC fast charging, which is more expensive.
- Compare different ownership periods to see how depreciation affects long‑term costs.
Common Mistakes
- Ignoring depreciation — it’s the largest cost for most EVs.
- Using MSRP instead of purchase price — discounts and markups matter.
- Overlooking state fees — many states charge higher EV registration fees.
- Assuming all charging is done at home — public charging costs more.
Frequently Asked Questions
🔧 Related EV Tools
Your TCO results will appear here
Fill in your vehicle details, state, and driving habits above, then click “Calculate TCO” to see your personalized cost breakdown.
EV Total Cost of Ownership (TCO) Calculator – Free US Tool 2026
Compare the true 5‑year cost of owning an electric vehicle vs. a gas car. Includes depreciation, fuel, maintenance, insurance, loan interest, and state‑specific taxes & fees.
Get your personalized 5‑year cost estimate in seconds.
Key Takeaways
- EV TCO includes depreciation, electricity, maintenance, insurance, loan interest, and taxes/fees.
- Depreciation is often the single largest cost – some luxury EVs lose over 50% in 5 years.
- State matters – electricity rates, gas prices, and EV fees vary dramatically across the U.S.
- Break‑even – many EVs become cheaper than gas cars within 3–5 years, depending on mileage.
- Loan costs can add thousands – use the calculator to see the full picture.
What Is EV Total Cost of Ownership (TCO)?
EV total cost of ownership (TCO) is the complete cost of owning an electric vehicle over a set period – typically 3, 5, 7, or 10 years. It includes every major expense you'll encounter:
- Purchase price – the upfront cost (MSRP or negotiated price).
- Depreciation – how much value the vehicle loses over time.
- Electricity – cost to charge at home and/or public stations.
- Maintenance – tires, brakes, and other routine service.
- Insurance – premiums based on vehicle, location, and driver.
- Loan interest – financing costs over the loan term.
- Taxes & fees – sales tax, registration, and state EV fees.
Unlike the sticker price, TCO gives you the real financial picture – what you'll actually pay over time. This is especially important for EVs, where lower fuel and maintenance costs can offset a higher purchase price.
How the EV TCO Calculator Works
Our calculator uses a transparent methodology to estimate your total 5‑year cost. Here's what goes into every calculation:
1. Depreciation
Depreciation is the largest cost for most EVs. We use a declining‑balance method with model‑specific rates. For example, a Tesla Model 3 depreciates about 28% in year 1, then 20% in year 2, and about 14% in years 3+. This reflects real‑world data from sources like KBB, Edmunds, and iSeeCars.
2. Electricity Cost
We calculate electricity cost using your state's average rate (from EIA data) or a custom rate you enter. We also account for public charging – if you use DC fast chargers, the cost is roughly 2× the home rate. The formula is:
3. Loan & Interest
We use a standard amortization formula to calculate your monthly payment and total interest over the loan term. The loan amount is your purchase price minus your down payment.
4. Maintenance
EVs have fewer moving parts than gas cars – no oil changes, timing belts, or exhaust systems. We use industry data showing EVs cost roughly 40% less to maintain than gas vehicles.
5. Insurance
Insurance is state‑adjusted. EVs typically cost about 15% more to insure than comparable gas cars due to higher repair costs and parts availability. We use a base rate of $1,200/year for gas cars and adjust for your state.
6. Taxes & Fees
We include a 7% sales tax on the purchase price and state‑specific EV registration fees. Many states charge higher registration fees for EVs to offset lost gas tax revenue.
Step‑by‑Step Example: Tesla Model 3 in California
Let's walk through a real‑world scenario to see how the calculator works.
Scenario
- Vehicle: 2026 Tesla Model 3
- Purchase Price: $44,000
- Down Payment: $5,000
- APR: 6.5%
- Loan Term: 60 months
- Annual Mileage: 15,000 miles
- State: California
- Public Charging: 10%
- Ownership Period: 5 years
What the Calculator Shows
| Metric | Value |
|---|---|
| Total 5‑Year Cost | ~$58,000 |
| Cost per Mile | ~$0.77 |
| Cost per Year | ~$11,600 |
| Monthly Payment | ~$745 |
| Total Depreciation | ~$17,500 |
| Break‑Even Year | ~4 years |
| "Worth It?" | ✅ EV is cheaper |
In this example, the Tesla Model 3 saves roughly $2,000–$4,000 over 5 years compared to a gas car, with a break‑even point around year 4. Your results will vary based on your inputs – try the calculator with your own numbers.
EV vs. Gas Comparison – What the Data Shows
Here's how EV and gas vehicle costs typically compare over 5 years for a mid‑size sedan driven 15,000 miles per year.
| Cost Category | EV (Tesla Model 3) | Gas Car (Camry) | Difference |
|---|---|---|---|
| Purchase Price | $44,000 | $33,000 | –$11,000 |
| Depreciation (5 yr) | $17,500 | $11,500 | –$6,000 |
| Fuel/Electricity | $4,500 | $11,000 | +$6,500 |
| Maintenance | $2,100 | $3,200 | +$1,100 |
| Insurance | $8,500 | $7,500 | –$1,000 |
| Total 5‑Year | $76,600 | $66,200 | –$10,400 |
⚡ The bottom line: Despite a higher purchase price and depreciation, the EV saves over $6,500 on fuel and $1,100 on maintenance over 5 years. The break‑even point is typically between 3–5 years, depending on mileage and state.
State‑Specific Factors That Affect EV TCO
Where you live has a huge impact on EV ownership costs. Here are the key state‑specific factors the calculator uses:
Electricity Rates
Electricity rates vary from $0.11/kWh in some states to over $0.40/kWh in others. For a typical EV driven 15,000 miles/year, that's a difference of $500–$1,000+ per year.
Gas Prices
Gas prices also vary by state. In California, regular gas is often $4.50+/gallon, while in Texas it's closer to $3.00. Higher gas prices make EVs more cost‑competitive.
EV Registration Fees
Many states charge higher registration fees for EVs to replace lost gas tax revenue. These fees range from $50/year in some states to over $200/year in others.
Insurance Costs
Insurance rates vary by state due to regulations, accident rates, and repair costs. Our calculator adjusts insurance estimates using state‑specific factors.
Limitations & Assumptions
Our calculator is designed to provide estimates – not guarantees. Here are the key assumptions and limitations:
- Depreciation curves are based on national averages. Actual resale value varies by region and market conditions.
- Public charging is assumed to cost 2× the home rate – actual costs vary by network and location.
- Insurance estimates are state‑adjusted but don't account for driver history, credit score, or specific coverage.
- Maintenance assumes normal driving conditions. Extreme climates or heavy use may increase costs.
- Sales tax is assumed at 7%. Actual rates vary by state and local jurisdiction.
- Loan APR uses a single rate for both EV and gas. Actual rates may differ.
- Battery replacement is not included as a separate line item for the 3–10 year horizon, as most EV batteries are warrantied for 8 years/100,000 miles.
- Federal/state tax credits are not automatically applied – adjust your purchase price to reflect any incentives.
⚠️ Important: All results are estimates for informational purposes only. Actual costs vary based on driving habits, local conditions, and market factors. Always consult a qualified professional for financial, tax, or legal advice.
Frequently Asked Questions
What is EV total cost of ownership (TCO)?
TCO is the complete cost of owning a vehicle over a set period – including depreciation, fuel/electricity, maintenance, insurance, taxes, fees, and loan interest. It gives you a true picture of what you'll actually pay.
Is an EV cheaper than a gas car?
Often, yes – especially over 5+ years. EVs have lower fuel and maintenance costs, but higher upfront prices and depreciation. In many states, the total 5‑year cost is lower for EVs. Use the calculator to see your specific scenario.
How long does it take for an EV to pay for itself?
The payback period depends on the price difference, your annual mileage, and local electricity/gas prices. For many drivers, the break‑even point is between 3 and 5 years. The calculator shows your estimated break‑even year.
Why do EVs depreciate faster than gas cars?
EVs depreciate faster primarily due to rapid technology improvements, battery degradation concerns, and market uncertainty. However, this varies by model – some luxury EVs lose value more quickly than others.
How does public charging affect the cost?
Public DC fast charging typically costs 2–3× more than home charging. If you regularly use public chargers, your fuel cost will be higher. Use the "Public Charging" slider to adjust for your charging habits.
What is a good cost per mile for an EV?
A typical EV costs between $0.06 and $0.12 per mile in fuel/electricity, depending on your rate and efficiency. Including depreciation and other costs, the total cost per mile is often $0.40–$0.80 over 5 years.
Does this calculator include battery replacement?
Battery replacement is not included as a separate line item for the 3–10 year horizon, as most EV batteries are warrantied for 8 years/100,000 miles and retain useful capacity well beyond that. Depreciation already accounts for battery degradation risk.
How accurate are the estimates?
The calculator uses industry‑standard data from EPA, EIA, AAA, KBB, and other sources. However, actual costs vary based on your driving habits, local conditions, and vehicle condition. All results are estimates, not guarantees.
Can I use this for a used EV?
Yes – enter the used purchase price and adjust the vehicle selection to match the model. The depreciation curve will start from the used price rather than MSRP, giving you a more accurate used‑EV TCO.
What states are included?
All 50 U.S. states are included with state‑specific electricity rates, gasoline prices, insurance factors, and EV registration fees. Select your state for the most accurate local estimates.
How is the "Worth it?" badge determined?
The badge is based on the 5‑year total cost difference between EV and gas. Green = EV is cheaper, Yellow = costs are similar, Red = gas is cheaper. It's a quick visual guide to help you decide.
What about the federal EV tax credit?
The federal tax credit (up to $7,500 for new EVs, $4,000 for used) can lower your effective purchase price. This calculator does not automatically apply the credit – you can enter your net purchase price after any incentives to see the true cost.
⚡ Calculate Your EV TCO Now
Enter your vehicle, state, and driving habits to see your personalized 5‑year cost breakdown.
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