Electric vs Gas Cost Comparison

Electric vehicles can save money, especially for high-mileage drivers. EVs typically save $800-$1,500 per year in fuel costs and $400-$600 in maintenance. Over 5-10 years, total savings often range from $5,000-$15,000+, depending on electricity rates, gas prices, and driving habits. However, higher upfront costs mean longer payback periods.

Payback periods typically range from 4-8 years, depending on the price difference, driving habits, electricity rates, and gas prices. A $5,000 price premium with $1,500/year savings pays back in about 3.3 years. Higher electricity rates or lower gas prices increase payback periods.

Yes, EV maintenance costs are typically 40-50% lower than gas vehicles. EVs have no oil changes, fewer moving parts, regenerative braking (less brake wear), and no exhaust system maintenance. However, battery replacement costs (typically $5,000-$15,000) may be needed after 8-12 years, though most batteries last much longer.

Electricity rates directly impact EV fuel costs. At $0.12/kWh, an EV costs about $0.036 per mile. At $0.20/kWh, it costs $0.060 per mile - still cheaper than gas at most prices, but less savings. Compare local electricity rates to gas prices to determine your specific savings.