Electric vs Gas Cost Comparison Calculator
Frequently Asked Questions
Do electric vehicles really save money?
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.
How long does it take for an EV to pay for itself?
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.
Are EV maintenance costs really lower?
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.
How do electricity rates affect EV savings?
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.
