Gas vs Electric Car Cost Calculator

If you’re considering an electric vehicle, our calculator will factor in your driving habits, local cost of electricity, and car specs to help you determine whether an EV meets your needs, when you’ll break even, and how much you might save.

Fuel costs

Electricity costs less than gasoline, so buying an electric car will save you money on fuel over the car’s lifetime. Our Fuel Cost Calculator estimates how much you’ll spend on gas for a road trip or your daily commute.

As of November 2023, the average cost of gasoline in the U.S. is $3.30 per gallon.² The average gas-powered car gets 26 miles per gallon and the average American drives 13,476 miles annually,³ which results in about $1,710 of fuel costs. However, gas prices are variable — in June 2022, prices hit a high of over $5 per gallon, which translates into $2,591 annually.

The cost of electricity is more stable, at around 12 to 17 cents per kWh nationally. You can find the average cost of electricity in your state here: https://www.eia.gov/electricity/state/. Using fast public charges will be more expensive than charging at home, but still significantly less expensive than gas. The average EV uses around 0.35 kWh per mile, which translates to around $565 to $800 in annual fuel costs.

Hybrids get more miles per gallon — around 35 MPG for hybrid SUVs and 45 MPG for sedans. Several popular models, such as the Honda Insight and Toyota Prius, average over 50 MPG.

Maintenance costs

When deciding on a gas versus electric car, consider the cost of maintenance over its lifetime. Gas and hybrid cars have higher maintenance costs than electric vehicles, mainly because gas engines have more moving parts than electric engines.

According to a 2021 study by the Department of Energy, the cost of maintenance per mile is about 10 cents per mile for gas-powered cars, 9 cents for hybrids, and 6 cents for EVs.⁴

The biggest maintenance cost for electric vehicles and hybrids is the battery, which costs $5,000 to $20,000 to replace for EVs and $2,000 to $8,000 for hybrids. However, federal law requires manufacturers offer at least eight years or 100,000 miles for the battery warranty, and some offer ten year warranties.

Insurance costs

In addition to maintenance and fuel, insurance is an important expense to consider when deciding between an electric or gas vehicle. Electric vehicles are more expensive to replace and repair, so the cost of insuring them is higher.

The cost of insurance varies widely, and depends largely on the value of your car, chosen coverage levels, driving history, age, and location. Some vehicles will be more expensive to insure than others — for example, the average annual insurance cost for a Nissan Leaf or Chevy Bolt is around $1,500, while a Tesla Model 3 can run you over $2,500.

Compare the average insurance costs for some of the most popular electric, gas, and hybrid cars:

Electric

Gas

Hybrid

Summary of Expected Costs for Electric, Gas, and Hybrid

Pros and Cons of Electric, Gas, and Hybrid Vehicles

3. Where do you live?

Research charging stations in your area, as well as the cost and ease of installing a home charging station if applicable. If you live in a city with plenty of opportunities to charge or can install a charging station at home, it will mitigate the hassle of charging up. On the other hand, if you live in a rural area with few charging options, a gas or hybrid car might make more sense.

Additionally, look into whether your state or city has incentives for purchasing an electric vehicle or hybrid. Many places, like California, have local rebates and tax incentives in addition to the federal tax credit.